Traceto.io, a subsidiary of RegTech 100 company Cynopsis Solutions, has partnered with BridgeX Network.
The BridgeX Network is the framework for a financial ecosystem of decentralised credit, conversion and payment solutions. It enables crypto-to-crypto collateralised lending and borrowing, crypto-to-fiat currency conversions and cross-border payments.
Traceto will use the BridgeX Network for their total cash management and treasury needs, managing their company funds across the full spectrum of financial services.
According to a statement from BridgeX Network the partnership results from the shared vision of both companies’ to ‘bridge the gap between the real and virtual worlds’. The deal will allow BridgeX to operate under the ‘highest industry standards of KYC compliance’ going forward.
“In doing so, this will allow the BridgeX Network to stay focused on our objectives of creating a vibrant financial ecosystem of decentralised credit, conversion and payment solutions to our users – optimising their experience on the platform,” the company added.
traceto.io is a decentralised Know Your Customer (KYC) network that seeks to bridge the regulatory and compliance gap between the real and virtual worlds. It is looking to develop a network based on its extensive KYC framework that will ‘satisfy real-world regulations’. It will also provide an ongoing due diligence process that is demonstrable to regulators and fuse smart contracts with A.I. to promote regulatory inclusion.
Back in May, Cynopsis Solutions, which offers AML Software and reduces the cost of regulatory compliance, launched its ICO via its subsidiary Traceto.io. Just last month, traceto.io officially concluded its public sale, reaching its our targeted hard cap of 400 million tokens.
Cynopsis aims to automate the manual and digitise the analogue for the financial and professional services sectors, to better comply with anti-money laundering (AML), counter terrorism financing (CTF) and Know-Your-Customer (KYC) requirements, in a cost-effective manner. Its product, Artemis, claims to be a simple, cost-effective one-stop automation of a complex regulatory requirement on KYC, AML/CTF.
traceto.io also recently formed a strategic partnership with Global Brain Blockchain Labs (GBBL). GBBL is the bloackchain arm of Global Brain, a Japanese venture capital based in Tokyo, Singapore, Seoul and San Francisco.
The move come a move after it partnered with a number of ICO incubators. Having already joined with Hashed and Signum Capital, traceto.io landed deals with One Block Capital, Coinstreet Partners and Synco to feed new projects Into its decentralised KYC compliance network.
Last year, Cynopsis Solutions was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
