Cryptocurrency and blockchain adoption have long faced significant resistance from many corners, often in the areas of KYC (Know Your Customer) and compliance. Although Decentralized Ledger Technology (DLT) can deliver higher speeds, better efficiency, and lower-cost transactions between parties than traditional forms of finance, complex fiscal and reporting rules, issues pertaining to identification, the possibility of money laundering, and other challenges have prevented many projects and institutions from leveraging this technology to its full potential.
Many global exchanges and blockchain companies, notably in China but in other places around the world as well, have had to deal with crackdowns and business interruptions brought on by an unfavorable and rapidly changing regulatory landscape. These entities need to think about the uncertainty surrounding their business strategy.
Back in 2019, Centrality Investments acquired PLUGnet and Singlesource to introduce an on-chain KYC solution for helping crypto and blockchain-based projects and services meet mandatory compliance, governance, and identification requirements while simultaneously maintaining data privacy and security.
PLUGnet’s clients can launch their projects and also provide KYC for blockchain thanks to PLUGnet’s verification technology. It works over the Otto Blockchain, which delivers up to 2,000 transactions per second and has been designed to help integrate blockchain-based services and applications on a fast, performant, and reliable blockchain infrastructure. Otto helps blockchain projects and services overcome issues such as network congestion and scalability that have long plagued the crypto space, and Otto partners, enterprises, and developers who are building the next generation of compliant DeFi applications on PLUGnet will now also benefit from on-chain KYC for their projects, helping them to remain compliant with all applicable laws.
PLUGnet is designed to provide innovative DeFi services and help asset custodians leverage assets from any network in their synthetic form. As a public PoS network, it allows anyone holding PLUG tokens to participate in the decentralized governance of the network and connect to a wide range of partnered exchanges, custody providers, asset managers, and staking farms within the PLUGnet Partner Alliance. You can learn more about the project by visiting https://plugdefi.io/.