Barbados, March 10, 2021 — Shyft Network, the blockchain-based identity verification platform that enables compliant DeFi for institutions, has completed its latest sale round with major industry participants including Spartan Group, Coinfund and GSR. The sale garnered a lot of interest from both blockchain and crypto-based users.
The star-studded roster of participants includes Spartan Group, Bitfury, Blockchange, Morningstar Ventures, CoinFund, BlockTower, Maven 11, Connect Capital, GSR, Bering Waters, LD Capital, Ybb.io, CoinIX, TRG Capital, and Digital Finance Group.
What is Shyft Network?
Shyft Network is a public blockchain protocol designed to aggregate and embed trust and validation into data stored on public and private ecosystems, and permissioned and permissionless networks. By facilitating bridging across siloed datasets, Shyft allows for layering of context on top of data, ultimately turning raw data into meaningful information.
Shyft Network is developing regulatory-compliant tools for Decentralized Finance that bridge the gap for centralized and decentralized organizations to ease their entry into the blockchain space. The goal is to aid mainstream financial institutions venture into DeFi and participate in a compliant manner. By lowering risk and exposure to money laundering, the Shyft Network could open up the crypto industry to large capital inflows and, potentially, millions of users from the mainstream markets.
“We’re excited to announce our support for Shyft. The Shyft platform can bring some of the fastest growing and creative segments of crypto to institutional audiences. We are looking forward to providing strategic backing, and building compliant infrastructure for the DeFi ecosystem. We believe it’s likely that DeFi will need scalable KYC solutions if it is to disrupt financial services on a global scale”. — Cristian Gil, Co-Founder, GSR Markets
Additionally, Shyft Network has been developing identity solutions that help centralized and decentralized applications become compliant with existing regulations. In this regard, they have partnered with various other entities in the space, notably virtual asset services providers (VASPs) who must comply with the FATF Travel Rule. Veriscope, Shyft Network’s proactive approach to regulatory compliance, has been applauded for its ability to bring together some of the most prominent liquidity providers in the space and to accelerate the potential mass adoption of decentralized applications.
Shyft Network’s Compliant DeFi Solution
This value proposition largely explains the huge interest in the Shyft Network. The platform is offering a much-needed and long-anticipated identity validation solution, that aims to open up the crypto space to mainstream institutions and users.
“A compliance solution structured as a decentralized network is a natural fit for both networks and their centralized participants. Shyft’s early traction powerfully showcases the advantages of this approach for identity data management and transfer solutions.” — Oleg Golubov, Partner CoinFund.
The team behind Shyft Network agreed with this position, with their co-founder saying:
“We are incredibly excited to be building the next generation of compliant DeFi solutions for the entire world; having the validation and support of these participants inspires us to do more, to deliver something truly game-changing” — Chris Forrester, Co-Founder and CTO, Shyft Network Inc.
Shyft Network aggregates trust and contextualizes data to build an authentic reputation, identity, and creditability framework for individuals and enterprises.
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