Berlin, Germany--(Newsfile Corp. - November 22, 2023) - Today, Violet launches its permissionless Compliance as a Service suite. Permissionless compliance allows any builder to access Violet as a public infrastructure service without paying fees. Violet is the result of many years of work at the intersection of compliance and on-chain finance, leveraging best-in-class service providers, to now offer four distinct products:
- VioletID: A privacy-preserving compliance credential, composable and reusable cross-chain
- AML Protection: Full anti-money-laundering guarantees, which include know-your-customer (KYC), know-your-transaction (KYT), sanctions list checks, and more
- Geofencing: Block user access from a specific country at the protocol level
- Sybil: Leverage VioletID's proof of humanity and prevent Sybil attacks
Violet orchestrates across all relevant compliance primitives, from AML functions to sanctions lists to KYC/B, KYT, geofencing, and authentication. All is wrapped in a simple interface available on-chain, making integration very simple and not requiring any prior knowledge about compliance. All Violet products are built to work out of the box in a plug-and-play fashion.
Markus Maier, co-founder at Violet, explains: "Lawmakers have made it clear that compliance in crypto is no longer optional. We have been inundated with requests from protocols overwhelmed by the changing requirements. Our solution is simple: Four products that solve the compliance needs of crypto builders around the world and that are available as public infrastructure for anyone to leverage and without paying a cent."
Philipp Banhardt adds: "With Violet we intend to grow the largest compliance network in crypto, evolving trust on-chain to enable the next phase of growth for on-chain finance. We minimize the counterparty risk and make the overall system more trustworthy and secure, appealing to institutions and consumers alike."
Lastly, privacy has always been at the heart of Violet's culture. All of its compliance products are built to the highest data protection standards, such that no personal identifiable information is ever put on-chain.
For more information about Violet its recent launch, please visit: https://www.violet.co/.
Violet is backed by leading venture capital firms: Balderton, BlueYard, FinTech Collective, Coinbase Ventures, Brevan Howard Digital, Ethereal Ventures, Inflection, Wintermute, and more.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188247