AllianceBlock, a blockchain tech agency that seeks to bridge the hole between decentralized finance, or DeFi, and conventional finance, announced a partnership with fellow blockchain tech entity Flare.
Flare claims its layer-one, or blockchain protocol enchancment, know-how can deliver good contracts to cryptocurrencies akin to Ripple (XRP), Dogecoin (DOGE), Bitcoin (BTC), Algorand (ALGO) and Stellar Lumens (XLM). As well as, Flare can also be a decentralized oracle community that seeks to allow blockchains to entry real-world knowledge in good contract execution.
In the meantime, AllianceBlock brings to the desk its cross-chain interoperability answer AllianceBridge, its native decentralized trade, or DEX, referred to as AllianceBlock DEX, decentralized peer-to-peer funding protocol AllianceBlock Fundrs, and its compliance and regulatory answer. Collectively, the 2 events search to reinforce their blockchains for DeFi capabilities with one another’s applied sciences.
Requested about its DeFi and regulatory compliance companies, Rachid Ajaja, co-founder and CEO of AllianceBlock, instructed Cointelegraph:
“With elevated curiosity from conventional finance in DeFi, AllianceBlock’s Regulatory and Compliance layer will permit conventional establishments to entry alternatives in DeFi in quite a lot of methods, akin to creating compliant, tradeable certificates wraps out of liquidity mining tokens, yield farming, or NFTs.
Ajaja additional defined that the agency’s regulatory and compliance merchandise robotically verify for non-compliant transactions earlier than every commerce. As well as, they’ll add such guidelines to smart contracts running on decentralized applications, or DApps, to ensure crypto exchanges and financial institutions stay up-to-date on the latest regulations.
Hugo Philion, Flare’s co-founder and CEO, said the following in regards to the capabilities of the network:
The Flare ecosystem is being built to “Unlock the Value” inherent in the 65% of blockchains that do not have native smart contracts by bringing, for the first time, true trustless usage of those tokens with scalable smart contracts.
He further elaborated on the company’s partnership with AllianceBlock:
“Communities that have previously been locked out of the smart contract revolution are now actively contributing to the space. Now with this exciting partnership and the integration by AllianceBlock onto Songbird, the Flare ecosystem gets to help unlock the value in Traditional Finance by enabling it to access Decentralized Finance.”