Astra Protocol raises $9M in token funding round

Astra Protocol has secured $9 million through a token raise backed by top-tier investors, among whom Fundamental Labs, Faculty, Republic, DAOMaker, Richard Dai, and Wave GP Cardano, Invezz learned from a press release. The event confirms the need for decentralized compliance in DeFi.

Focusing on decentralized compliance with AML and KYC capabilities

Astra’s initiative is focused on supplying DeFi smart contracts with a fully decentralized compliance layer, which offers both AML and KYC capabilities. In addition, the compliance layer can help eliminate any real-world compliance issues with the assistance of different, but well-known legal firms.

Astra Protocol cofounder Arthur Ali commented:

Jonathan Han, Partner at Republic added:

Majority of protocols doesn’t provide compliance

DeFi’s meteoric growth has outlined a need to comply with strict rules, but most protocols on the market today do not have this feature. The change will be inevitable. Users and developers can lose control of the ecosystem without a compliance layer.

Dispute resolution systems are critical

At the moment, the technology landscape makes it possible to get past any disputes that may arise. This makes dispute resolution systems critical, especially for DeFi and the high risks it entails.

This is where Astra Protocol comes in. It offers a legal framework and assurance, regulatory compliance for lending and borrowing, stablecoins, derivatives, DEXs, asset management, decentralized insurance, and dispute resolution. Further, Astra Protocol has entered into partnerships with some of the most renowned legal and auditing firms in the world.