The developer of internet-scale blockchain infrastructure for Web3 payments – Elrond Network – announced integrating with blockchain analytics platform Anchain AI to enhance compliance and prevent fraud. Elrond, a proof-of-stake protocol building infrastructure for blockchain-based digital payments, can process over 10,000 transactions per second (TPS), with 5-second latency and a meager cost.
- Elrond’s latest move of tapping with AI-driven cybersecurity firm Anchain has confirmed its attempts to operate in compliance with regulatory requirements. Elrond Network CEO Beniamin Mincu considers the collaboration a meaningful step into the global financial system, saying:
“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.”
- According to a release shared with CryptoPotato, through consecutive acquisitions, Elrond has expanded its portfolio to include an e-money license – a Virtual Asset Service Provider (VASP) license.
- In addition, the network plans to issue debit cards available to residents of the European Economic Area. As the firm steps into the payment business, compliance with regulatory bodies has become increasingly crucial to its prospect.
- In March, Elrond acquired the payments firm Twispay after receiving approvals from the Romanian Central Bank, which allowed the project to operate within the EU. It also highlighted plans to issue stablecoins in the region.
- The firm, dedicated to revamping the utility e-money and integrating blockchain technology, sees Anchain’s experience in cybersecurity, compliance strategies, and monitoring security risk as a key to meeting institutional demand.
- Anchain has extensive partnerships with major financial institutions such as the US SEC and governments for services in compliance and forensics. Elrond aims to leverage the company’s strength in such a field to ensure “secure and compliant operations.”
- The release stated that Anchain will deploy Web 3 analytics on Elrond, helping organizations “avoid interactions with addresses flagged for illicit activities, prevent fraud attempts and help with the tracking and recovery of misappropriated digital assets.”