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

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:

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:  

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.