Based out of Zurich, Switzerland, the leading decentralized KYC platform for Web3, Astra Protocol, is working on driving compliance in the cryptocurrency community. It is building the ultimate decentralized compliance layer for the Web3 economy.
By equipping all cryptocurrencies with a decentralized compliance service, including KYC and AML capabilities, using trusted law firms, Astra Protocol aims to help crypto and DeFi applications effortlessly conform to any relevant regulations.
A Swiss Knife of Crypto Compliance
Even more impressive is that this innovative new platform makes it easy for fast-growing crypto protocols to meet KYC and AML regulations without changing their underlying business models through its plug-and-play software.
Crypto protocols using Astra can meet numerous social regulations without giving up on their decentralization. Astra Protocol enables decentralized companies to abide by rules set by regulatory bodies worldwide without compromising their users’ identity and security.
An Experienced Team
Astra is founded by a team of technology visionaries who have been active in the blockchain space since 2013, investing in patents and scaling businesses in sectors from gaming to BioMed. Co-founder Damien O’Brien is the Executive Chairman of Astra, while Jez Noah Ali holds the Director position, and Arthur Ali is handling the company Treasury.
Having recognized the need for regulation in the fast-growing crypto industry, Astra founders aim to build this decentralized compliance layer to onboard the next billion users.
Compliant User Onboarding
Astra’s innovative technology is designed to improve institutional adoption in the sector. As a result, businesses, universities, governments, non-governmental organizations, and others will have safe access to exciting new DeFi products.
Despite obvious benefits, these entities have been wary of DeFi due to its regulatory uncertainty. But, thanks to Astra, everyone can adopt this peer-to-peer financial service on a global scale.
Astra has developed a professional service layer called the Decentralized Legal Network (DLN), an ecosystem of major legal and audit firms that provide decentralized regulatory services, including on-chain identity verification, KYB, and KYC. Their plug-in technology also gives the crypto industry proper mechanisms to ensure compliance with financial AML and KYC standards.
Astra further utilizes patented technology that selects the most suitable experts from the DLN to examine the evidence, data, or contractual information and return a fair decision based on their findings. This on-chain audit service will bring the financial regulatory standards of over 155 countries and more than 300 sanctions and watchlists to the crypto industry.
This way, Astra will act as a tool to resolve industry compliance issues by leveraging trusted legal firms’ expertise. At the same time, the platform will preserve users’ anonymity and remain decentralized, ensuring DeFi continues flourishing.
Along its journey, Astra protocol has gained the support of partners like Huobi Ventures, Republic, KPMG, Tokensoft, and many others.
ASTRA Token Coming to the Public
As part of their offering, Astra will release their ASTR token, which will be available to the public on the 11th of November. ASTR is an ERC-20 token that enables users to access the protocol’s services, reward users, and fuel ecosystem growth.
9% of the token supply will be reserved for public sale, which will take place on Tokensoft’s launchpad. Tokensoft is a leading fair-launch platform for Web3 projects responsible for launching more than 100 digital assets, including Avalanche, The Graph, Synthetix, Tezos, Hedera Hashgraph, and many others. This unique launchpad will allow investors to buy and sell the ASTR token in a regulated and secure environment.
Soon after the public release, the token will be listed on cryptocurrency exchanges to allow investors to trade the ASTR token on a secondary market, providing Astra with much-needed liquidity.
The Astra Ecosystem
There has also been a focus on building a strong and diverse team. Amidst the bear market of 2022, while the crypto market has been seeing mass layoffs, Astra continued hiring and expanding its team.
To drive the growth of the DeFi industry beyond the US, Astra hired Phil Hogan, who served as the European commissioner for trade. Hogan joined the project’s advisory board to provide strategic guidance in partnerships. In short, Astra has covered all the bases and is aiming to become the go-to compliance partner for all major crypto protocols.
A key hire was Mick Mulvaney, Trump’s former budget head and acting chief of staff, as an advisor to Astra on its interactions with the U.S. government. Soon after, Kirstjen Nielsen joined as a strategic adviser. Nielsen is a one-time deputy chief of staff for Trump’s White House and is helping the platform with funding, cybersecurity, and compliance strategies.
According to her, the decentralized finance space is “missing” a layer of trust, and Astra’s decentralized legal layer can provide that. Astra protocol “will assure regulatory compliance and enable efficient and fair dispute resolution,” she said.