Crypto Pioneer Netki Powers Seamless KYC and Compliance Solutions Across the Sui Ecosystem

Grand
Cayman,
Cayman
Islands,
May
16th,
2024,
Chainwire

With
the
launch
of
Netki’s
DeFi
Sentinel
on
Sui,
protocol
developers
can
opt
to
screen
transactions
before
finalization
on
the
blockchain,
easing
a
significant
compliance
burden

Today,
Netki,
a
digital
identity
verification
leader,
announced
the
launch
of
their
pioneering
compliance
oracle
–
DeFi
Sentinel
–
on
Sui,
the
Layer
1
blockchain
and
smart
contract
platform.
The
integration
introduces
an
essential
tool
for
developers
that
automates
compliance
within
their
protocols,
allowing
them
to
focus
on
shipping
high-impact
projects
instead
of
spending
time
developing
tools
to
meet
complex,
ever-changing
regulations
that
often
differ
across
jurisdictions.

Institutions
are
eager
to
engage
with
DeFi
protocols
and
technology
but
need
to
ensure
that
all
of
their
trades,
and
trading
partners,
meet
their
compliance
standards.
Until
now,
these
institutional
players
have
been
forced
to
either
trade
in
manually
managed
pools
with
limited
liquidity
and
trading
volume,
or
to
avoid
DeFi
altogether.
With
DeFi
Sentinel
on
Sui,
developers
can
meet
institutional
as
well
as
regulator
requirements
via
a
one-time
integration.

DeFi
Sentinel
leverages
Netki’s
advanced
technology
to
provide
real-time
KYC/AML,
wallet
screening,
financial
transaction
monitoring,
securities
compliance,
and
tax
compliance,
all
now
integrated
directly
within
the
DeFi
protocols
on
Sui
that
choose
to
implement
the
tool.
The
solution
combines
on-chain
and
off-chain
data
to
ensure
each
transaction
adheres
to
institutional
risk,
as
well
as
regulatory
standards.

Sui
will
also
integrate
Netki’s
OnboardID,
which,
for
protocols
that
enable
it,
enhances
user
onboarding
and
identity
verification
processes,
reducing
costs
and
simplifying
compliance
around
the
onramping
process
for
Sui
developers’
applications.
Netki’s
integration
represents
a
significant
advancement
in
making
decentralized
financial
systems
safer
and
more
accessible
globally.

“DeFi
protocols
are
poised
to
transform
financial
services
by
enhancing
accessibility
and
transparency,
but
many
of
the
best
ideas
fail
to
get
off
the
ground
due
to
compliance
concerns,”
said
Evan
Cheng,
CEO
of
Mysten
Labs,
the
original
contributor
to
Sui.
“Netki’s
integration
not
only
fortifies
the
security
and
compliance
of
transactions
on
Sui
but
also
assures
institutional
and
individual
participants
of
their
adherence
to
evolving
regulatory
requirements,
and
most
importantly,
gives
developers
the
peace
of
mind
to
build
with
confidence.”

Netki’s
DeFi
compliance
oracle
is
unique
in
the
industry,
enabling
transaction-by-transaction
compliance,
which
is
crucial
for
institutional
adoption
of
DeFi
tools.
With
features
like
real-time
name
and
wallet
screening,
the
solution
ensures
that
compliance
and
risk
management
are
seamlessly
integrated
into
the
transaction
flow
without
compromising
the
user
experience
or
developer
agility.

“By
integrating
DeFi
Sentinel
with
Sui’s
robust
and
scalable
blockchain
infrastructure,
we
are
setting
a
new
standard
for
safety
and
compliance
in
the
DeFi
space,”
said
Justin
Newton,
CEO
of
Netki.
“We
aim
to
enable
the
safe
and
widespread
adoption
of
DeFi
technologies,
ensuring
that
developers
can
focus
on
innovation
while
evolving
and
expanding
compliance
requirements
are
effortlessly
met.”

Contact

Sui
Foundation
[email protected]