[PRESS RELEASE – Zürich, Switzerland, 1st February 2022]
Astra Protocol, a cutting-edge legal and compliance layer that brings unmatched assurance to public blockchains, is pleased to announce that it has set up a Compliance Hub in The Sandbox virtual world. The new Compliance Hub will arm the metaverse users with a decentralized compliance layer, including Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) capabilities.
Astra Protocol resolves on-chain compliance issues using its patented technology and the expertise of trusted legal firms. With its new Compliance Hub, Astra aims to make the emerging frontier of metaverse safer for all participants.
It has created a unique Decentralized Legal Network (DLN) consisting of all the major, global legal and audit firms to provide the best KYC/AML services available. The DLN covers jurisdictions in 195 countries to ensure that regulations can be met almost anywhere globally.
The metaverse users can head to Astra’s Compliance Hub, connect to its DLN, gain accreditation, and receive a non-transferrable NFT, which grants them privileged access to otherwise unreachable special events.
This whitelisting process means that once a user is verified, they can partake in all the exciting metaverse occasions without having to worry about their identity being compromised. Astra’s services solve identity issues while protecting users from harm or malicious accounts.
Jez Ali, the founder of Astra Protocol, said, “We are delighted to announce the Astra Protocol’s entry into the metaverse with our first plot in The Sandbox. The future of metaverse development will be a long-lasting and innovative mission that has already shown incredible growth and is an exciting area of Web3. By deploying the first Compliance Hub in the metaverse, we can support this growth by adding a layer of protection for users across the world.”
Astra Protocol chose The Sandbox for its Compliance Hub because it has some of the most desirable and exciting locations. It is where most users are flocking to for new immersive experiences and ways of interacting with one another. With only 166,464 individual plots of land available, there is enormous competition for The Sandbox locations.
The Sandbox is an Ethereum-based virtual world where users can build, own, and monetize online hangout spaces and gaming experiences.
Our mission is to equip all DeFi smart contracts with a fully decentralized compliance layer, including KYC & AML capabilities, to act as a tool to resolve real-world compliance issues using the expertise of trusted legal firms.