Bridgetown, Barbados — We are delighted to announce our partnership with Polygon (formerly known as Matic Network) to collaborate and build an enhanced regulatory-compliant infrastructure for Decentralized Finance (DeFi).
Shyft Network’s compatibility with the Ethereum Virtual Machine will enable Polygon to deploy an opt-in compliance infrastructure, such as whitelisted addresses and Anti-Money-Laundering (AML) and GDPR compliant systems, that help comply with AML regulation while protecting user’s personal identifiable information.
Developers will be able to integrate Shyft Network core contracts into their Dapps and enable Know-Your-Customer (KYC) & identity primitives, compliant asset pools, routed reputation and verification across Dapps, and comply with incoming Decentralized Finance, and custodial and non-custodial FATF global guidance requirements.
“With the advent of mainstream interest into crypto and DeFi, we will see a new wave of adoption of web3 technologies. Protocols like Shyft will be instrumental in making this a reality with their ability to trustlessly verify and validate data between permissioned and permissionless networks.” — Arjun Kalsy, VP-Growth, Polygon.
Furthermore, through this partnership, Shyft Network and Polygon, are working together to build the first opt-in compliant zkRollup protocol, enabling mass scaling for regulated networks and, more importantly, for large volume users that are under AML regulation.
“We are very excited about this partnership as it enables Polygon’s users to build KYC and identity primitives into their networks. Upcoming regulation will deeply affect the way this industry moves forward; Shyft Network’s identity and reputation frameworks will help open up a path with opt-in compliance primitives to projects using Polygon’s infrastructure.” —Fredrico Nassire, Co-Founder, Shyft Network