AllianceBlock Partners With Ocean Protocol To Enhance Compliance In Decentralized Capital Markets
AllianceBlock will use Ocean Protocol’s data marketplace and core technology to simplify compliance with financial regulations like GDPR and PSD2
Netherlands — 23 November 2020 — To build the first globally compliant decentralized capital market, AllianceBlock has announced a strategic partnership with Ocean Protocol, the leading developer of powerful Web3 apps for the emerging data economy.
AllianceBlock will build a data pipeline on top of Ocean where user data such as KYC/AML/KYB will be stored and users will be able to use role based access control to give access and revoke access to data. This product is part of AllianceBlock’s use case to bridge traditional finance and decentralized finance applications by providing illiquid assets short term financing to high-net worth individuals at private banks.
DeFi P2P lending applications and traditional equivalent applications will be connected to the AllianceBlock product, and all lenders interested in participating in a specific financing will need to do KYC/AML and get validated by the regulatory and compliance tools built by AllianceBlock. Storage and access control to data for lenders will use Ocean Protocol technology, with lenders being able to grant and revoke access to their data.
Through Ocean Protocol, retail banking APIs will be able to connect to DeFi in a way that is compliant with financial regulations such as PSD2, resulting in new, exciting open banking solutions.
Rachid Ajaja, Founder and CEO of AllianceBlock said, “As global regulators continue to announce new plans and introduce new financial protections, compliance remains a major challenge. At AllianceBlock, our vision is to bridge the gap between traditional and decentralized finance. This partnership will allow financial institutions and DeFi platforms to use the Ocean Protocol data layer and data marketplace to build innovative products in line with global regulations such as Europe’s PSD2 and GDPR. Ocean Protocol is one of the leading on-ramps for data services into crypto ecosystems. Our partnership marks a significant step forward in our efforts to establish a decentralized capital market that is capable of interacting with traditional financial institutions, particularly when it comes to respecting privacy and meeting compliance measures.”
In addition, AllianceBlock will receive a grant from the Ocean Shipyard program, which helps developers and projects in building on Ocean. Ocean Protocol Foundation has allocated 20 million $OCEAN for ecosystem development, earmarked for developer teams, startups, service providers, and community members.
Razvan Olteanu, COO of Ocean Protocol, said, “This partnership with AllianceBlock will help us to extend Ocean technology into the financial services sector by helping to maintain compliance with global regulations and standards, while providing traditional institutional finance and fintech entities an entry point to decentralized finance (#DeFi). We are excited to build this product and ecosystem with the AllianceBlock team.”
Spearheaded by a heavily experienced team of ex-JP Morgan, Barclays, BNP Paribas, and Goldman Sachs bankers and quants, AllianceBlock is on a mission to disrupt the traditional markets and become a major player in decentralized finance and open banking.
This announcement follows AllianceBlock’s recent collaboration with Chainlink.
About Ocean Protocol
Ocean Protocol builds powerful Web3 apps for the emerging data economy. Founded in 2017, Ocean Protocol connects data providers and consumers, using blockchain technology.
Ocean Protocol technology allows data to be shared, without compromising control or security for the data owner, while ensuring traceability, transparency, and trust for all stakeholders involved. Ocean allows data owners to monetize data while keeping control over their data assets. Ocean Protocol Foundation is based in Singapore.
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About AllianceBlock
AllianceBlock is building the first globally compliant decentralized capital market. The AllianceBlock Protocol is a decentralized, blockchain-agnostic layer 2 that automates the process of converting any digital or crypto asset into a bankable product.
Incubated by three of Europe’s most prestigious incubators: Station F, L39, and Kickstart Innovation in Zurich, and led by a heavily experienced team of ex-JP Morgan, Barclays, BNP Paribas, Goldman Sachs bankers, and quants, AllianceBlock is on the path to disrupt the traditional markets with its state-of-the-art and globally compliant decentralized capital market.
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