Place/Date: Zürich, Switzerland - December 22nd, 2021 at 10:42 pm UTC · 3 min read
Contact: Arthur Ali, Source: Astra Protocol
Astra Protocol is pleased to announce it has secured $9 million through its token raise. In addition, top-tier investment groups and individuals have backed the project, confirming the need for decentralized compliance in the decentralized finance industry.
Things are progressing rapidly for Astra and its globally patented protocol. The initiative focuses on equipping DeFi smart contracts with a fully decentralized compliance layer. That layer offers both Know-Your-Customer and Anti-Money-Laundering capabilities. Moreover, the compliance layer can act as a tool to resolve any real-world compliance issues with the help of various renowned legal firms.
The ongoing growth of decentralized finance has shown a need to adhere to strict rules determined by society. The majority of protocols on the market today do not provide this functionality, yet the change will be inevitable. Without a compliance layer, developers and users may lose control of the ecosystem.
Moreover, the current technology landscape allows for overcoming and resolving any disputes that may arise. Therefore, an on-chain dispute resolution system is crucial, particularly for decentralized finance and the high risks it can present. Astra Protocol offers legal assurance, framework, dispute resolution, and regulatory compliance for lending and borrowing, derivatives, stablecoins, asset management, decentralized insurance, and decentralized exchanges.
The Astra Protocol token raise concluded recently, raising $9 million for the team to keep building and evolving its compliance layer. Notable investors in the project include Republic, DAOMaker, Fundamental Labs, Faculty, Richard Dai, and Wave GP Cardano.
Jonathan Han, Partner at Republic comments:
“We believe Astra’s solution is a key part of the critical movement for DeFi to become mainstream. We are excited to back the Astra team who works diligently to bring the benefits of DeFi to more people and organizations”.
Astra Protocol co-founder Arthur Ali comments:
“We are extremely pleased to announce the closure of our token raise and proud to announce strong backing from the top tier investment groups and individuals such as; Republic, DAOMaker, Richard Dai, Fundamental Labs, and institutional backing. We firmly believe that ASTRA is key to the future of DeFi. It will allow us to unlock the next path of growth in the industry, allowing more compliant practices across multiple countries and ensuring further participation from major traditional institutions. Our globally patented technology will seamlessly allow DeFi to continue its growth whilst promoting greater confidence from regulators without compromising decentralization.”
Astra Protocol has secured further globally recognised partnerships with the world’s leading legal and auditing firms, with further announcements released imminently.
Our mission is to equip all DeFi smart contracts with a fully decentralized compliance layer, including KYC & AML capabilities, to act as a tool to resolve real-world compliance issues using the expertise of trusted legal firms.