Tether Begins Testing and Integration of Veriscope, Shyft Network’s Solution to the Travel Rule
Leading stablecoin commences active testing of the public utility and application stack for solving the Financial Action Task Force (FATF) Travel Rule.
British Virgin Islands, November 18, 2021, 12:00 PM BST — Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform tether.to, that powers the largest stablecoin by market capitalization, announced today that it has commenced operations with Shyft Network starting with active testing of Veriscope, its decentralized compliance framework and smart-contract solution to the Financial Action Task Force’s (FATF) Travel Rule.
Veriscope links user consent-permissioning with VASP-to-VASP data transmission and ensures VASPs can determine between honest transactions and data attacks. It was designed to act as a decentralized coordination and discovery system, open for any VASP or intermediary as a public utility for data attestation and routing. The platform provides a decentralized compliance framework and a smart contract platform for VASPs to enable Travel Rule compliance and aims to meet meets the growing demands of the rising regulatory efforts that have commanded attention and action across cryptocurrency, DeFi, NFTs, stablecoins, and many other elements of blockchain technology.
This integration marks the initial phases of Tethers’ trial of Veriscope which may allow Tether to offer its customers an experience that both promotes privacy while also solving global compliance requirements for all participants across the ecosystem. The goal of this trial is to create an experience for customers that maintains openness and ensures peer-to-peer transaction discovery that is compliant with the new FATF Travel Rule requirement.
“We built Shyft to ensure that the ethos of digital asset networks was maintained regardless of the regulatory requirements that would come,” said Joseph W. of Shyft Network. “We are excited to see this public system be put to work by the largest players globally, and are proud to see leading stablecoins, like Tether, maintain decentralization while allowing the ecosystem to meet regulations. We see systems like Veriscope, and networks like Shyft, as critical infrastructure layers to the future of decentralized data coordination and transmission.”
In August of this year, Shyft Network, in collaboration with Tether, Bitfinex and other exchanges, key industry players, and liquidity providers announced the global deployment of Veriscope, a public utility and application stack for solving the Financial Action Task Force (FATF) Travel Rule. Just a few days ago, Shyft Core, the development team behind Veriscope, announced the open-source release of the infrastructure to enable developers and other VASPs to freely integrate with the platform, Tether will be one of the first to put this infrastructure to the test.
“Veriscope’s opensource solution to discovering VASPs and transmitting customer information is an interesting use case that’s in line with the ethos of Bitcoin” said, Leonardo Real, CCO of Tether. We look forward to continuing to lead the charge”.
To learn more about Tether, please visit, https://tether.to/.
About Shyft Network
The Shyft Network aggregates and embeds trust into data stored on public and private ecosystems, allowing an opt-in compliance layer across all systems. The key pillar for Shyft is user consent, allowing users to track the usage of their data. Therefore, no one can use personal data without consent from the owner. Shift Network allows and gives incentives to individuals and enterprises to work together to add context to data, unlocking the ability to build authentic digital reputation, identity, and credibility frameworks.
Tether is the preeminent stablecoin with the biggest market capitalization, surpassing that of all rival offerings combined. Created in October 2014, Tether has grown to become the most traded cryptocurrency. Tether is disrupting the legacy financial system by offering a more modern approach to money. By introducing fiat currency denominated-digital cash to the Bitcoin, Ethereum, EOS, Liquid Network, Omni, Tron, Algorand, and Solana blockchains, Tether makes a significant contribution to a more connected ecosystem. Tether combines digital currency benefits, such as instant global transactions, with traditional currency benefits, such as price stability. With a commitment to transparency and compliance, Tether is a fast and low-cost way to transact with money.