Merkle Science, a predictive Web3 risk & intelligence platform, announced a partnership with Stellar Development Foundation (SDF), the non-profit that supports the growth and development of the Stellar network, a leading decentralized blockchain designed for speed, affordability, and utility. In connection with this partnership, Merkle Science is bringing its industry-leading compliance product, Compass, to the Stellar network.
Read more:Â Robotics And Artificial Intelligence
The partnership comes amid ongoing security and compliance challenges in the Web3 space. These challenges have grown in parallel with the growing industry – in the past few months alone, increased interoperability between blockchains has attracted a notable rise in high-profile hacks worth hundreds of millions of dollars.
By bringing Compass, a behavior-based transaction monitoring and risk reporting solution, to the Stellar network, Merkle Science is also bringing next-generation security to developers and operators building on Stellar. Extending Merkle Science’s coverage to the Stellar network means that companies on Stellar will be able to offer their developers and users an extra layer of assurance against threats like hacks or scams.
Read:Â Lets Understand Crypto In A Laymans Language
Compass’ frictionless interface and ease of integration will enable companies building on Stellar to assign, manage, interconnect, and track cases easily — improving their operational efficiency. Merkle Science is bringing a new level of security, transparency, and compliance solutions to the Stellar network.
“Merkle Science looks forward to maintaining a long-lasting relationship with SDF and adding value to the Stellar network’s burgeoning growth story. Merkle Science envisions a world powered by blockchain technology and is creating the infrastructure to enable crypto’s safe and healthy growth,” said Ian Lee, Director of Global Partnerships for Merkle Science. “Our mission aligns perfectly with SDF’s mission of promoting greater financial inclusion. This integration takes us to the next level of addressing forensic and regulatory challenges within the web3 ecosystem.”
“This partnership stands as a milestone and solution in risk mitigation for the Stellar network,” said Denelle Dixon, CEO and Executive Director of Stellar Development Foundation. “Merkle Science’s next-generation platform will make it possible for projects in the Stellar network to leverage crucial emerging solutions. Everyone enjoying the interoperability and speed that comes with building on Stellar may now experience industry-leading compliance tooling to match.”
Read :Â Cybersecurity Timeline and Trends You Should Know before Planning for 2023
