Shyft Network Partners with Polygon (Matic) to Build Opt-In Compliance Infrastructure
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
About Polygon (Matic)
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Matic POS, designed for flexibility and independence. Polygon’s Layer 2 Chains have seen widespread adoption with 90+ Dapps, ~7M txns and ~200K unique users.
If you’re an Ethereum Developer, you’re already a Polygon developer!
About Shyft Network
Shyft Network is a public protocol designed to aggregate and embed trust, validation and discoverability into data stored on public and private ecosystems, and facilitate information transfer between permissioned and permissionless networks. By incentivizing individuals and enterprises to work together, Shyft Network allows for the layering of context on top of data, turning raw data into meaningful information.