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Elrond Network Beefs up Security and Compliance with AnChain.AI Partnership - Crypto Daily™

cryptodaily.co.uk 10 May 2022 13:15, UTC
Reading time: ~3 m

Elrond Network, the technology layer capable of internet-level scaling, embraces AnChain.AI. Through this partnership, Elrond's applications and protocols will become more secure and benefit from compliance-oriented aspects. AnChan's AI-driven Web3 analytics have been in high demand lately.

Elrond Raises The Bar

People who have kept tabs on Elrond developments will know the team has high expectations for Web3 payments. For example, Elrond acquired Utrust, a leading crypto payments provider, in early 2022. Additionally, the team made other strategic acquisitions in recent months to further push the envelope on this front. Web3 payments need to be fast, secure, and cheap, three aspects synonymous with the Elrond Network ecosystem.

The acquisition of Utrust also enables Elrond's team to transform payment processing. Rather than putting a cost on merchants, the goal becomes to create an extra income stream. Payments are supposed to make life easier for merchants rather than cutting into their profits. Elrond's approach is to make payments entirely natively digital with a near-instant and global settlement at a minimal cost. 

Elrond Network CEO Beniamin Mincu confirms the team's long-term vision:

“We are making decisive steps for the integration of blockchain technology into the global financial system. International financial institutions and national economies can operate and collaborate using our scalable architecture. It is therefore essential that they have access to the highest levels of compliance and fraud prevention. Anchain.AI is a great enabler in this regard.”

Integrating the solutions provided by AnChain.AI positions Elrond as a stronger player in the blockchain-based digital payments vertical. The project encompasses an e-money license, VASP license, and the ability to issue debit cards. Focusing on payment processing infrastructure and everything that comes with it is the next logical step. More importantly, the Anchain.AI Next-Gen Web3 Analytics Suite will help Elrond applications make sense of data sets pertaining to on-chain transactions.

Why Elrond Chose AnChain.AI

The choice for partnering with AnChain.AI makes much sense for Elrond Network. The AI-powered cybersecurity company enhances security, risk, and cplinace strategies for the Web3 environment. Founded by industry veteerans and backed by Silicon Valley and Wall Street VCs, AnChain.AI serves over 100 customers. across nearly a dozen countries. Clients span various industry segments, including financial institutions, governments, the US SEC, etc.

AnChain.AI CEO Victor Fang, Ph.D., states:

“We are at an inflection point where enterprises and governments are rapidly realizing that blockchain technology has become indispensable for efficiency increase and sustainable growth. The Anchain.AI Next-Gen Web3 Analytics Suite will complement Elrond’s promising technology and give it an important edge that will enable it to meet the influx of new institutional demand.”

AnChain.AI provides industry-leader blockchain analytics solutions to enhance projects and clients' forensics and compliance capabilities. The project's AML engine screens over $1 billion in daily crypto transactions, strengthening its position in the blockchain and crypto industry. 

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