Astra Protocol, a legal and compliance ‘layer’ that provides assurance to public blockchains, will work with the legal firm to “give assurance and compliance confidence to the decentralized finance (DeFi) ecosystem” via its ‘decentralised assurance layer’.
Sakhib Waseem, Chief Innovation Officer at ASTRA Protocol, commented on how the partnership can help bring greater compliance understanding to the DeFi space.
“As we at the ASTRA Protocol define the next generation of decentralised global compliance structure across the DeFi industry, it is important to have key partners who understand the needs of both the crypto community and are in tune with the latest changes in the regulatory space,” he said.
“Squire Patton Boggs have a great presence across the US and internationally, this partnership is another affirmation we have the latest understanding of regulatory enhancements around the world and can provide an industry-leading standard to our customers and clients.”
Astra’s assurance layer is able to ‘plug into’ an existing DeFi platform and ensure that funds arrive safely at their intended destination.
The protocol is developed to prevent insecure or invalid smart contracts from executing, meaning that if a transaction turns out to be fraudulent or if the funds are sent to an incorrect wallet address, Astra can resolve the dispute and restore the funds right away, while also following applicable regulatory guidelines.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.