Proofi by LTO Network taps into Chainlink to provide KYC/AML data to DeFi

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on  May 30, 2022
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  • Proofi will use Chainlink to provide attestations to KYC/AML data to DeFi protocols.
  • Projects can be compliant with government regulations while upholding their decentralized ecosystems.
  • Chainlink is the leading oracles network platform in the blockchain space.

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Proofi, a cross-chain identity solution provider developed by Dutch blockchain LTO Network, has announced integration with leading blockchain data provider Chainlink.

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The integration means the DeFi ecosystem can tap into the identity data from Proofi via Chainlink, which could see projects benefit from seamless identity Know Your Customer (KYC) and Anti-Money Laundering (AML) verification.

Allowing DeFi protocols access to the attestations will allow them to easily onboard new users, the Proofi by LTO Network team said in an announcement on Monday. This, they noted, will in return help projects adhere to compliance requirements without the need to have client data stored on their centralized servers.

Chainlink offers the decentralized oracle network relevant to the rollout of the product in a multi-chain ecosystem. Features such as credential management, blockchain agnostic, and provable secure are what the team looked at as they settled on Chainlink.

Becoming a data provider on the Chainlink Network is critical for Proofi as it helps make our identity solution accessible to the wider DeFi ecosystem in a highly secure, decentralized, and efficient manner.”

Arnold Daniels, lead architect and co-founder of Proofi.

Chainlink’s oracles network is currently tapped into by a wide array of projects across the DeFi, gaming and insurance sectors, with external data securely brought on-chain for the benefit of blockchains, protocols and users.

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