Civic Technologies and Solrise Finance introduce first on-chain DEX on Solana

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Sep 23, 2021
  • Permissioned DEX sets a precedent for stricter regulation within the DeFi ecosystem
  • Solrise DEX Pro will receive support and liquidity from Alameda Research
  • DEX will let institutional investors remain in permission environment and benefit from on-chain liquidity

Leading digital identity solution innovator Civic Technologies and Solrise Finance, a decentralized investment platform based on Solana (SOL/USD), joined forced to launch the first decentralized exchange on Solana with digital ID-based permissioned access, Invezz learned from a press release. Permissioned DEX sets a precedent for stricter regulation within the DeFi ecosystem.

Filip Dragoslavic, Co-Founder of Solrise, commented:

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

“This is our way of bridging the world of institutions to DeFi without resorting to centralization, thanks to Civic. With Solana already being the most familiar DeFi ecosystem for traditional finance, we expect to become one of the primary hubs for institutions that wish to jump into the ecosystem.”

DEX Pro is best for institutional investors

The permissioned environment created by Civic Pass, Civic’s identity verification for DeFi or any dApp, and Solrise DEX Pro is most appropriate for institutional players. Solrise DEX Pro will receive support from Alameda Research, one of the biggest Solana investors and a prominent digital asset firm, which will also provide the DEX with initial liquidity.

Permissionless access is incompatible with institutional investor goals

Albeit being considered a basic principle of DeFi, this type of access contradicts the goals of institutional investors, who want to be involved in the DeFi ecosystem, but have to fulfill certain regulatory requirements before they can be. Launching Solrise DEX Pro will make it possible for both teams to create a parallel ecosystem, in which institutional investors will remain in a permission, familiar environment while benefiting from Solana on-chain liquidity.

Chris Hart, CEO of Civic, assures permissioned won’t replace permissionless:  

“A permissioned DEX paves the way for more participants in the DeFi ecosystem, including institutional investment. We’re building technology that thoughtfully protects individuals, their digital identities and our new financial systems. In Solrise, we’ve found a partner that shares our values and is working with us to set a higher standard that will ultimately benefit the broader industry.”

Civic Pass: A top-notch KYC solution

dApp providers can use Civic Pass to determine whether someone meets their standards for verification before giving them access to the trading platform. Users in the US and sanctioned countries cannot sign up with Solrise DEX Pro. Everyone else can start using it immediately.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
10/10
67% of retail CFD accounts lose money