Merkle Science partners with Stellar Development Foundation for Web3 risk mitigation

Predictive Web3 risk & intelligence platform Merkle Science has secured a strategic partnership with Stellar Development Foundation (SDF) to bring its industry-leading compliance product, Compass, to the Stellar network, according to a press release on November 16, 2022.

Merkle Science to integrate “compass” into Stellar network

Merkle Science will collaborate with Stellar Development Foundation (SDF), the non-profit that supports the growth and development of the Stellar network, a decentralized blockchain network, to promote Web3 risk mitigation and compliance. 

Thanks to this partnership, Merkle Science will integrate its compliance product known as “Compass” with the Stellar network to bring much-needed compliance and security to developers in the Stellar ecosystem.

Ian Lee, Director of Global Partnerships for Merkle Science, spoke on the partnership and expressed his delight in strengthening a “long-lasting relationship with SDF.”

“Merkle Science envisions a world powered by blockchain technology and is creating the infrastructure to enable crypto’s safe and healthy growth. 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.”

He added.

Next-Gen Security

The introduction of Compass to the Stellar network will bring next-gen security to developers and builders on the network. In addition, the behavior-based transaction monitoring and risk reporting solution will provide protection for startups in the ecosystem against hacks and scams that have become rampant in recent times.

The solution is built to be frictionless and will allow companies in the Stellar ecosystem to manage and track cases seamlessly.

“This partnership stands as a milestone and solution in risk mitigation for the Stellar network.

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.”

Said Denelle Dixon, CEO and Executive Director of Stellar Development Foundation.

Meanwhile, Stellar tetwork recently secured another partnership with one of the world’s leading payment platforms, Wirex. Thanks to the partnership, Wirex launched the USDC token on the Stellar Blockchain via its app.

At the time of writing this report, Stellar network’s native token, XLM, is trading at $0.08932 with a 24-hour trading volume of $68,765,957, according to CoinMarketCap.