Sumsub’s partner Albus Protocol received the Solana Foundation Grant
The Solana Foundation provided a grant for research and development to the Albus Protocol for the establishment of tools that would help blockchains become more secure, transparent and privacy-manageable, and also prepare for the upcoming crypto regulation laws.
Albus Protocol is a regulation-compliant DeFi framework for public blockchains. It uses the Zero-Knowledge Proof method to ensure compliance of every transaction with predefined requirements and restrictions. Albus’s goal is to help DeFi protocols comply with KYC, AML, GDPR, and even CBDC regulations when operating on a public blockchain. It offers unique functionality, highly sought-after by those aiming to trade security tokens on public blockchains, and will be necessary for DeFi market participants once new regulation enters into force.
Albus Protocol is due to launch a Web3 tool with a full user interface in August, with first partners already integrated. Letters of Intent have already been signed with: Sumsub — a full cycle verification platform that secures the whole user journey and offers customizable KYC, KYB, transaction monitoring and fraud prevention solutions to orchestrate verification process, welcome more customers worldwide, meet compliance requirements, reduce costs and protect businesses from frauds; CurioInvest — a cross chain solution for tokenization of real world assets, which allows the community to make investment decisions or govern the utility of the ecosystem; Marinade.Finance — a non-custodial liquid staking protocol built on the Solana blockchain.
“We believe that upcoming regulation can make the crypto market more transparent and secure if users were to gain more control over their own money and privacy, and we believe that our product could help them with that,”as Alexander Ray, CEO and co-founder Albus Protocol, commented on the development.
“Solana Foundation welcomes and supports all teams developing tools and frameworks to make the Solana network more accessible and secure. The Albus Protocol founders know and understand the Solana ecosystem and we look forward to what they can achieve next.”– Solana Foundation Head of Grants Andrea Baglioni said.
“We are glad to be part of this development and work together with Albus Protocol towards making public blockchains more transparent and secure in compliance with existing and upcoming crypto regulations. Based on vast industry expertise, Sumsub advocates for reliable and convenient verification in Web3, and this partnership will further expand our mission of making blockchains more accessible and trustworthy,”added Andrew Sever, CEO and co-founder of Sumsub.