Source: news.google.com
Astra Protocol, a decentralized KYC platform for Web3, featuring financial regulatory standards for 150+ countries and 300+ crypto industry sanctions, launched its $ASTRA token on multiple major exchanges on January 16, 2023.
A fixed supply utility token, with a total of 1 billion minted, the $ASTRA token will function as a unique SAAS (Software as a Service). The platforms will stake the token to access Astra’s KYC services. KuCoin and MEXC, two of the best-known exchanges in the cryptocurrency world, facilitate transactions in $ASTRA. The available trading pair is $ASTRA/USDT.
With over 700 tokens and a cumulative trading volume of over US$1 trillion, KuCoin is one of the most popular exchanges globally. With over 20 million global investors present on its platform, KuCoin is reportedly used by 1 in 4 cryptocurrency holders worldwide.
MEXC Global, the other exchange where $ASTRA tokens are available for trading, is known for its security features and experience launching new, high-quality crypto projects with good liquidity.
With the $ASTRA token available on these two exchanges, the question is how it will benefit and add value to the crypto world. The value of the $ASTRA token comes from the qualities, features and benefits offered by the Astra protocol. And those features go beyond the realm of providing KYC services.
Astra Protocol: the added value
The apparent lack of an investor protection mechanism, especially after the FTX debacle and the decoupling of Terra Luna, has prevented the crypto industry from realizing its potential in the recent past. A host of external regulatory agencies, including government oversight authorities and autonomous bodies, have tried to tame or simplify it. Astra Protocol shows that building trust and transparency in the system came from the DeFi industry, proactively, long before external agencies started emphasizing it.
Astra Protocol comes with a spectrum of solutions beyond traditional KYC and includes KYB (Know Your Business), AML (Anti Money Laundering) and Reporting solutions.
Both KYC and KYB are available in over 150 countries and over 300 sanction/detection lists. Both come with the features and benefits of on-chain data, graduated KYC risk scores, and a decentralized legal network (DNL). Also, KYC solutions come with the benefits of biometrics, while KYB offers beneficial owner checks.
Astra’s Anti Money Laundering solutions are applicable for Web3 and Web2. Take advantage of the anti-terrorism watch list and comply with FATF standards. Finally, Astra’s fully customizable reporting arrangements ensure that all the necessary information and data points are available in a web-based analytics platform with exportable reports and customizable dashboards.
With its extensive network of partners with globally revered names like KPMG, Tokensoft, Huobi, Delta Exchange and many more, Astra helps move towards a regime that should seamlessly facilitate the onboarding of the next billion users to Web3.
$ASTRA on the scene
$ASTRA tokens will help platforms access Astra’s KYC services, which are faster and more cost-effective than traditional compliance processes. Astra’s globally proprietary decentralized KYC and KYB solutions will also ensure that speed, convenience and economic benefits do not come at the cost of decentralization and anonymity, helping users stay true to the nature of Web3. .
Astra’s services are supported by Tier 1 audit and legal firms empowered to perform in-depth audit checks. These are benefits that make compliance foolproof and make the process highly efficient at a broader level.
Having an $ASTRA token is also an excellent step into the future, as the protocol has completed the development of its FATF compliant solution. It will be a web-friendly mobile middleware layer for both custodial and non-custodial wallets. Compatibility wise though, Astra goes with Ethereum enabled apps. It will also expand to other chains.
At launch, $ASTRA tokens opened at $0.39 and closed at $0.42, recording a trading volume of over $1.3 million.
In the future, its reach should further expand with its plug-in technology that ensures cryptocurrency compliance with regulatory standards, resulting in a robust, trustworthy, and transparent DeFi regime for investors to dive into without worry.
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