Venrai to Launch a Chainlink Node to Enable DeFi Platforms to Access Digital Asset Compliance Data
DeFi platforms will soon have the option to access the Venrai Chainlink node to source Office of Foreign Assets Control (OFAC) sanctions data.
The team at Venrai are excited to announce the launch of an official Chainlink node that will make key Office of Foreign Assets Control (OFAC) compliance data accessible to DeFi platforms operating on leading blockchain networks.
Venrai is a digital asset compliance and security audit solutions company that offers all-encompassing support to blockchain-based projects. The firm has deep knowledge of UK, EU and US regulations, delivering client-focused solutions to achieve regulatory compliance within the digital asset space. Venrai’s service offering ranges from advice on company formation, client onboarding and investor due diligence, to AML/CTF regulatory compliance and smart contract auditing.
Chainlink is the industry-leading secure blockchain middleware, enabling existing Application Programming Interfaces (APIs) to become compatible with blockchain networks. Upon launch of the Venrai Chainlink node, DeFi platforms will have on-chain access to key OFAC sanctions data that is cryptographically signed to prove its origination from Venrai.
Why is this important for DeFi?
By bringing regulatory compliance data on-chain through the Venrai Chainlink node, smart contract verticals across DeFi will have access to critical information needed to operate in compliance with OFAC sanctions requirements. When accessing Venrai’s API, DeFi projects can avoid facilitating transactions involving OFAC-sanctioned digital asset addresses. Consequently, projects can reduce their own regulatory risk as well as combat illicit activity in the DeFi space.
With the availability of a trusted plug-and-play compliance solution that is easily accessible on-chain, institutions can more readily explore decentralised protocols.
Bringing trusted compliance data on-chain
From the outset Venrai recognised the importance of an oracle solution for connecting off-chain APIs like Venrai’s to blockchains such as Ethereum; blockchains cannot natively call external APIs, a limitation commonly known as the blockchain oracle problem. After considering multiple oracle solutions, Venrai ultimately chose Chainlink.
The benefits of the Venrai Chainlink node include:
- Data Integrity — the Venrai Chainlink node will cryptographically sign all data supplied on-chain to verify its origin, preventing man-in-the-middle attacks and increasing its reliability in automated applications.
- Blockchain Agnostic — the Venrai Chainlink node can be made compatible with any blockchain, serving as a single gateway to sell data to any current or future blockchain.
- Widely Adopted — Chainlink is the most widely used oracle network in the blockchain industry, providing access to a vast addressable market of potential data consumers.
- Provably Secure — Chainlink is thoroughly audited open-source software that already secures tens of billions of dollars in value, showcasing its ability to trigger the automation of high-value smart contacts live in production.
“The opportunity for DeFi projects to widen adoption through compliance services has never been greater. We are providing an innovative plug-and-play solution to meet regulatory requirements.” commented Jason Tucker-Feltham, Founder and CEO of Venrai.
“We are excited to continue our support of the digital asset industry by bringing curated compliance data on-chain through Chainlink, and we look forward to expanding our support for DeFi protocols, and to encourage increased institutional adoption of DeFi.”
The Venrai Chainlink node launches in October 2021.
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralised Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralised community, Chainlink currently secures billions of dollars in value for smart contracts across decentralised finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organisations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
Venrai is a leading digital asset compliance and security auditing firm that provides guidance to companies navigating an increasingly complex global regulatory landscape. Venrai is dedicated to improving the security and regulatory compliance of digital asset solutions. By combating illicit actors, our solutions contribute to the ever-improving perception of digital assets and blockchain technologies.
Secure, compliant and trusted digital asset solutions. It’s in our DNA.