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Ethereum’s Josep Lubin Dives into Compliance; Consensys Develop Product for DeFi

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Consensys, an organization providing solutions to Ethereum(ETH) based blockchain applications is ready to launch a compliance service that will assist various exchanges and decentralized finance (DeFi) projects to analyze and keep track of trading activities on Ethereum.

According to Bloomberg, Joseph Lubin, co-founder of Ethereum(ETH) and head of Consensys, indicated that the company is looking forward to developing a product that would focus on the regulatory requirements of the know-your-customer, which has been a significant hurdle for various digital asset firms.

Compliance services have been a major issue in the past as the lack of standardized rules has led to various illegal activities in the industry. In order to avoid various money laundering transactions, various cryptocurrency firms have to rely on analytical firms such as Chainalysis and CipherTrace to identify users and tokens that are linked to criminal activity.

Lex Sokolin, ConsenSys’s global fintech co-head said,

“There are more and more people building decentralized apps that need this as a Lego piece. What we are trying to do is make activity on the decentralized financial infrastructure much more safe, transparent, much easier to trace.”

Since Consensys is focused on Ethereum, the new services launched by the organization would track up to 280,000 different tokens, those which are built on the ERC-20 or ERC-721 standard. According to their press release, the objective remains to implement a more stable and regularised compliance in crypto, usually tagged with the traditional payments sector.

Ethereum(ETH) continues to be the development Hub

It is hard not to pin-point that the entire system continues to under Ethereum. Sokolin has mentioned last year that the improvement of the DeFi space in terms of functionality and now, compliance is highly important for the ever-improving space of Ethereum. When the number of unique numbers rose nearly up to 530 percent in 2019, according to DappRader report, Sokolin had stated,

“Providing robust AML/CFT compliance for Ethereum-based digital assets is a keystone step in bringing the institutional financial industry to decentralized finance. Code Compliance is the next module in our product suite to eliminate complexity and risk in using DeFi, and help any business benefit from using digital assets.”

JP Morgan’s Quorum to Merge With Ethereum Based ConsenSys; Has Mainstream Finance Finally Decided to Trust Crypto?

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Mainstream companies have understood that integrating blockchain technology into their peripherals would result in added advantages in business. This was also a mantra followed by one of the world’s biggest banks, JP Morgan.

Recently, JP Morgan revealed that they were considering merging their popular Quorum blockchain unit with the ConsenSys Joseph Lubin. The news is coming in the wake of a report that indicated some troubled times for ConsenSys

Sources close to the bank stated that they were in initial talks to merge Quorum because of its functionalities and abilities to utilize blockchain. There have been no formal announcements as of yet but a concrete plan is expected to be revealed in 4-6 months.

ConsenSys is expected to be a good fit for Quorum because the latter too is based on Ethereum. Quorum is used by JP Morgan to run the Interbank Information Network which acts as a payments network for over 300 banks. There were also earlier comments that mentioned Quorum would be used to create the bank’s native crypto called JP Morgan Coin.

Ethereum’s commonality was one of the main reasons why the companies decided to merge. The bank revealed that they were planning to spin-off Quorum for another two years. Along with this, JP Morgan also has plans to set up an open-source foundation as well as creating a new startup. The spin-off idea was first suggested back in May 2019 but it was anything but concrete.

Quorum blockchain has also gone through some upgrades over the months, forcing many people to sit up and take notice. Quorum now has added privacy features from Ethereum as well as an upgrade within the Java programming language.

The news was also met with some trepidation as there was growing concern that a change in integration would affect existing projects on Quorum. People close to the initiative stated that the merger with ConsenSys would not change a thing to exiting compounds.

ConsenSys was also in the news recently when a project based on it launched its own ‘Proof-of-Use’ Network to discourage speculation. The project is titled, Activate and is part of the ConsenSys Codefi. It is an Ethereum-based operating system for decentralized finance products.

The updates from ConsenSys is expected to generate more interest from JP Morgan for the Quorum integration. Many proponents of the space see it as an opportunity to bring in more developments into the digital asset industry by involving mainstream finance.