ZURICH, SWITZERLAND / ACCESSWIRE / January 16, 2023 / On January 16th at 10am GST, Astra Protocol launched its $ASTRA token on major exchanges, such as MEXC Global and KuCoin. The $ASTRA token is a fixed supply utility token with a total of 1 billion minted. It functions as a unique SAAS (Software as a Service), allowing platforms to stake and access Astra's KYC (Know Your Customer) services. But Astra Protocol is more than just a KYC provider. The company is on a mission to bring greater security to the decentralized finance (DeFi) and Web3 spaces.
One of the biggest challenges facing DeFi in recent years has been the lack of transparency and consumer protection on many crypto platforms, leading to increased scrutiny from regulators worldwide. The turmoil faced in the aftermath of the FTX collapse and the challenges faced by Terra Luna are evidence that something needs to change.
Traditional compliance processes are slow and costly, and the rapidly evolving cryptocurrency market presents new challenges that existing solutions are not equipped to handle. The most pressing issue is building trust, consumer protection and accountability without sacrificing decentralization and anonymity, which are at the heart of Web3.
Astra Protocol aims to address these concerns with its globally patented, cost-effective, decentralized KYC and KYB (Know Your Business) platform. They offer familiar Customer Due Diligence services and AML (Anti-Money Laundering) screening for over 155 countries using over 300 sanctions and watchlists, all while maintaining the privacy and security of users, ensuring that their identities are not revealed or compromised.
Astra Protocol is also equipped with Tier 1 Legal and auditing firms and offers deep audit checks, which helps businesses meet regulatory requirements and improve the efficiency of their compliance processes. Astra has completed the development of its FATF-compliant solution - a mobile web-compatible middleware layer for both custodial and non-custodial crypto wallets. The Astra product is currently compatible with Ethereum-enabled applications, with plans to expand to other chains.
The launch of the $ASTRA token on crypto exchanges is a major milestone for Astra Protocol and the DeFi industry. The company's plug-in technology ensures that crypto can meet financial regulatory standards, bringing DeFi mainstream and further solidifying its place in the financial world.
About Astra Protocol
Astra Protocol is the next generation of compliance, a decentralized KYC Platform for Web3. Astra's mission is to provide a range of regulatory compliance tools for crypto applications, ensuring that financial compliance standards can be met across the Web3 industry.
Media Contact:
Aaron Ali
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SOURCE: Astra Protocol