Netki, a digital identity verification leader, announced the launch of their pioneering compliance oracle – DeFi Sentinel – on Sui, the Layer 1 blockchain and smart contract platform. The integration introduces an essential tool for developers that automates compliance within their protocols, allowing them to focus on shipping high-impact projects instead of spending time developing tools to meet complex, ever-changing regulations that often differ across jurisdictions.
Institutions are eager to engage with DeFi protocols and technology but need to ensure that all of their trades, and trading partners, meet their compliance standards. Until now, these institutional players have been forced to either trade in manually managed pools with limited liquidity and trading volume, or to avoid DeFi altogether. With DeFi Sentinel on Sui, developers can meet institutional as well as regulator requirements via a one-time integration.
DeFi Sentinel leverages Netki’s advanced technology to provide real-time KYC/AML, wallet screening, financial transaction monitoring, securities compliance, and tax compliance, all now integrated directly within the DeFi protocols on Sui that choose to implement the tool. The solution combines on-chain and off-chain data to ensure each transaction adheres to institutional risk, as well as regulatory standards.
Sui will also integrate Netki’s OnboardID, which, for protocols that enable it, enhances user onboarding and identity verification processes, reducing costs and simplifying compliance around the onramping process for Sui developers’ applications. Netki’s integration represents a significant advancement in making decentralized financial systems safer and more accessible globally.
“DeFi protocols are poised to transform financial services by enhancing accessibility and transparency, but many of the best ideas fail to get off the ground due to compliance concerns,” said Evan Cheng, CEO of Mysten Labs, the original contributor to Sui. “Netki’s integration not only fortifies the security and compliance of transactions on Sui but also assures institutional and individual participants of their adherence to evolving regulatory requirements, and most importantly, gives developers the peace of mind to build with confidence.”
Netki’s DeFi compliance oracle is unique in the industry, enabling transaction-by-transaction compliance, which is crucial for institutional adoption of DeFi tools. With features like real-time name and wallet screening, the solution ensures that compliance and risk management are seamlessly integrated into the transaction flow without compromising the user experience or developer agility.
“By integrating DeFi Sentinel with Sui’s robust and scalable blockchain infrastructure, we are setting a new standard for safety and compliance in the DeFi space,” said Justin Newton, CEO of Netki. “We aim to enable the safe and widespread adoption of DeFi technologies, ensuring that developers can focus on innovation while evolving and expanding compliance requirements are effortlessly met.”
About Sui
Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the ground up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing user-friendly experiences. For more information about Sui, please visit https://sui.io.
About Netki
Netki is a leading provider of digital identity verification solutions designed to optimize compliance with KYC/AML regulations. Its products improve the security and user experience in digital financial transactions, making it easier and safer for businesses to handle compliance across blockchain environments. For more information, visit Netki.
About Mysten Labs
Mysten Labs is a team of leading distributed systems, programming languages, and cryptography experts whose founders were senior executives of Meta’s Novi Research and lead architects of the Diem blockchain and Move programming language. The mission of Mysten Labs is to create foundational infrastructure for web3. Learn more: https://mystenlabs.com