Elrond Network (EGLD) has announced its successful integration with Anchain.AI, to boost regulatory compliance and fraud prevention across the Web3 payments, decentralized finance (DeFi), and the metaverse economy.
Anchain.AI Live on Elrond
Elrond Network (EGLD), an internet-scale blockchain infrastructure for Web3 payments, DeFi, and the new metaverse economy, has announced the completion of its integration with Anchain.AI, an artificial intelligence-powered next-gen blockchain analytics platform, to boost compliance fraud prevention.
Elrond Network recently expanded its operations into traditional and blockchain-based digital payments infrastructure. Against that backdrop, the team firmly believes the integration of Anchain.AI’s cutting-edge analytics solutions will be quite beneficial to the Elrond ecosystem.
Through consecutive acquisitions, Elrond’s portfolio now includes an e-money license, a virtual Asset Service Provider (VASP) license, and the ability to issue debit cards, all valid throughout the European Economic Area.
Benjamin Mincu, Elrond Network CEO said:
“We are making decisive steps for the integration of blockchain technology into the global financial system. 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.”
Anchain.AI An Indispensable Blockchain Analytics Tool
Founded in 2018 by cybersecurity and enterprise software veterans from FireEye and Mandiant, Anchain.AI is focused on enhancing Web3 security, risk, and compliance strategies.
Anchain’s industry-leading blockchain analytics features have made it an indispensable tool for the forensics and compliance capabilities of major financial institutions and regulators, including the US Securities and Exchange Commission (SEC), governments, crypto exchanges, VASPs, and financial institutions.
Anchain.AI claims to be backed by both Silicon Valley and Wall Street VC firms, and was selected in the Berkeley Blockchain Xcelerator, and is trusted by more than 100 customers from over 10+ nations.
Anchain.AI’s anti-money laundering (AML) engine has the capability of screening over $1 billion in daily crypto transactions.
With Anchain now integrated into Elrond, users can take advantage of this important technology to maintain secure and regulatory compliant solutions.
The team has made it clear that Anchain’s Next-Gen Web3 Analytics Suite powered by machine learning and artificial intelligence (AI), will enable Elrond applications to quickly and seamlessly make sense of large data sets pertaining to on-chain transactions, making it easier for organizations to avoid interactions with addresses flagged for illicit activities, while also preventing fraud attempts and helping with the tracking, as well as recovery of misappropriated digital assets.
Victor Fang, Ph.D., CEO of Anchain.AI said:
“We are at an inflection point where enterprises and governments are rapidly realizing that blockchain technology has become indispensable for efficiency increase and sustainable growth. The Anchain.AI Next-Gen Web3 Analytics Suite will complement Elrond’s promising technology and give it an important edge that will enable it to meet the influx of new institutional demand.”
The Elrond blockchain architecture is designed from the ground up to offer users a 1,000-fold cumulative improvement in throughput and execution speed.
Elrond achieves this through its novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) consensus algorithm, enabling the network to process over 10,000 transactions per second (TPS), with a five-second latency and near-zero costs.
Elrond says it’s determined to become the backbone of a permissionless, borderless, and globally accessible internet economy.
With the integration of Anchain.AI into Elrond’s internet-scale infrastructure, the Elrond Network establishes itself as a leader in the push for blockchain adoption by organizations, nations, and international institutions globally, and for the creation of a new digital financial system.