Blockchain Foundry Inc. (“BCF” or the “Company”) (CSE: BCFN), a leading North American blockchain development firm, is pleased to announce a partnership with BIGG Digital Assets Inc. (“BIGG”) (CSE: BIGG), owner of Blockchain Intelligence Group (“BIG”), to provide a risk scoring and blockchain forensic solution for stablecoin, NFT and fractional NFT creators.
The solution will support multiple blockchains and will focus on the unique regulatory compliance technology available exclusively to Syscoin-based tokens. The product aims to enable regulatory and compliance rulesets to be integrated into a wide range of token-based offerings including stablecoins, NFTs, fractional NFTs, security tokens and more. Blockchain Foundry’s upcoming wallet product will seamlessly integrate with this compliance tooling and infrastructure. The product will also be available to other virtual asset service providers as an API; providing issuers and users with a robust ecosystem for acquiring, holding, managing and transacting a multitude of digital assets.
Blockchain Foundry and BIGG Digital Assets will launch a combined product offering to create scale, transparency and security for stablecoins and other digital assets across multiple blockchains. BitRank Verified® and QLUE™ will be integrated within BCF’s on-chain compliance solution and wallet-to-wallet transaction monitoring capabilities. These combined capabilities produce real-time risk mitigation and more to entities operating stablecoins and other digital assets.
Security tokens require rule sets and additional checks, and the combined offering will bring trust and compliance to the blockchain, making it accessible for broad adoption. Furthermore, as stablecoins are centrally issued, and regulation stipulates regular checks, entities can now track exchanges on a transactional level with this new joint solution. These entities can apply pre-authorization compliance to each transaction for preventative measures instead of reacting after a transaction has already been processed. The public nature of Blockchain Foundry and BIGG Digital Assets means added transparency with audit checks at required intervals. The first phase of integration includes BitRank Verified® ahead of its official launch later this year. BitRank Verified® and QLUE™ will be available to customers through BCF’s product integration, enabling an additional layer of regulatory compliance for issuers while providing the potential for additional revenue for both organizations. Blockchain Foundry has agreed to pay BIG approximately $133K in order to enable this functionality within BCF’s product.
Blockchain Foundry has spent the last year solving custody-free opt-in on-chain compliance in ways that would not negatively impact complexity and fees for users yet allows asset issuers to easily monitor and adjust policies affecting their user-base as required in realtime. With the recent Syscoin Lux release, the protocol now offers the ability for asset issuers to opt-in to enable an on-chain pre-transaction compliance feature unique to Syscoin where business rulesets may be managed off-chain but enforced on-chain through a single signature, making it an industry leader for the most lean, efficient and flexible compliance system encompassing digital assets rules and regulations for any jurisdiction.
On the new partnership, Jag Sidhu, Chief Technology Officer, Blockchain Foundry said, “We are creating the tools needed for adoption and enablement of stablecoins, commodity-based digital assets and digital security tokens operating on public permission-less settlement ledgers through the oncoming and pending regulatory frameworks. Through the use of QLUE and BitRank® offerings we can not only allow for issuers to react to situations requiring regulatory actions but, for the first time on a public ledger, become preventative to enable compliance in the same ways that traditional financial transfers take place all while the users hold their tokens in their own digital wallets.”
“Blockchain Intelligence Group is positioned strongly to support present and future mass adoption of stablecoins and supports transparency,” said Lance Morginn, President, BIG. “By partnering with Blockchain Foundry, a leader in blockchain-based business solutions, we will offer a comprehensive solution for stablecoins, security tokens, and fractionalized NFTs supported on the Syscoin blockchain ecosystem.”
Banks and governments offering stablecoins or Central Bank Digital Currency (CBDC) can monitor in real-time any links to nefarious activities and illicit actors. With QLUE™ as part of the combined product offerings, these entities can now also trace stablecoin transactions starting with Syscoin.
Photo by Daniel Novykov on Unsplash
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