AllianceBlock, a blockchain technology company looking to bridge the gap between decentralized finance, or DeFi, and traditional finance, has announced a partnership with other Flare blockchain technology organizations.
Flare says that improvements to the Team One protocol or its blockchain protocol could bring smart contracts to cryptocurrencies such as Ripple (XRP), Dogecoin (DOGE), Bitcoin (BTC), Algorand (ALGO) and Stellar Lumens (XLM). In addition, Flare is also a decentralized network of oracles that aims to provide the blockchain with access to real-time data when executing smart contracts.
Meanwhile, AllianceBlock offers its own interconnection solution, AllianceBridge, its own decentralized exchange or DEX known as AllianceBlock DEX, and AllianceBlock Fundrs’ decentralized financing protocol, as well as its own regulatory compliance solution. Together, both sides are looking to improve the blockchain for DeFi functionality with each other’s technologies.
When asked about compliance services and Defi, Rashid Ajajah, co-founder and CEO of AllianceBlock, told Cointelegraph:
“With the growing interest in traditional finance in DeFi, the Alliance Blocks Regulation and Compliance team will enable traditional institutions to access opportunities in DeFi in a number of ways, such as creating compliant tradable certificates from liquidity mining tokens, cropping or NFTs.
Agaga also explained that the company’s compliance and compliance products automatically check for non-compliant transactions before each transaction. In addition, they can add such rules to smart contracts running in decentralized applications or DApps to ensure that crypto exchanges and financial institutions are up to date with the latest rules.
Hugo Filion, co-founder and CEO of Flare, said the following about the network’s capabilities:
The Flare ecosystem is designed to “unlock the value” of 65% of blockchains without their own smart contracts, through the first truly unreliable use of scalable smart contract tokens.
He spoke in detail about the company’s partnership with AllianceBlock:
“Communities that were previously excluded from the smart contract revolution are now actively contributing to this space. Now, with this exciting partnership and the integration of AllianceBlock into Songbird, the Flare ecosystem will help unlock the value of traditional finance by providing access to decentralized finance.”