AllianceBlock Partners With Avalanche’s Pangolin DEX
AllianceBlock, the chain-agnostic blockchain project building compliant and data-driven products that enable financial institutions to access opportunities in decentralized finance, has announced a strategic partnership with Pangolin, a community-driven DEX powered by Avalanche.
AllianceBlock is bridging the gap between decentralized finance (DeFi) and traditional finance (TradFi), by remedying issues that exist in both spheres and linking them more closely together. As institutional interest and the need for compliance in DeFi across various jurisdictions with conflicting rules increases, AllianceBlock will help Pangolin grow in line with DeFi regulatory developments and make institutional access easy, thus introducing vast liquidity from financial institutions. At the same time, AllianceBlock’s compliance framework allows Pangolin’s current users to choose their level of identity verification.
Building on its existing collaboration with Ava Labs to expand opportunities at the intersection of institutional and decentralized finance, the now fully decentralized Pangolin exchange will integrate AllianceBlock’s Trustless KYC and Identity Verification product into its platform. Leveraging GBG’s world class identity data intelligence software, this product allows users to prove their identity in a trustless manner only once, and to subsequently prove their eligibility for sales and other activities without having to share personal information with multiple providers.
Pangolin will also become a node validator for AllianceBlock’s Bridge and will be integrated into the Liquidity Mining as a Service program, opening up a new ecosystem of projects that can benefit from their white label fundraising solution. Going forward, AllianceBlock will add an optional compliance layer to Pangolin’s services through its Cross Border Regulatory Compliance Layer. Cumulatively, AllianceBlock’s solutions will support Pangolin in inviting more retail and institutional investment onto its decentralized exchange in a scalable, compliant, and sustainable way.
AllianceBlock’s compliance solutions will be implemented on separate subnets of Pangolin. Users will be able to choose which networks they interact with and if, depending on their jurisdiction, they want to use the compliance service or not. The opt-in aspect will allow Pangolin to grow by allowing traditional financial players to bring liquidity into its platform. At the same time, it will also allow its users to choose their level of anonymity depending on the jurisdiction they operate in.
Rachid Ajaja, CEO and Co-founder of AllianceBlock, said “Events in recent weeks make it crystal clear: regulation is coming to DeFi. As such, companies need to be prepared. One of the greatest challenges to DeFi projects today is making sure they are globally compliant. DeFi’s global nature means this can be difficult to uphold across various jurisdictions with conflicting rules. Our products will allow Pangolin to be ready to onboard institutional clients in line with regulatory requirements and to stay ahead of the game, while at the same time giving their users the freedom to choose. Our goal at AllianceBlock is to bridge DeFi and TradFi. This is a perfect example of how we are working with leading projects in the space to achieve this. We look forward to extending our full product to Pangolin and the wider Avalanche ecosystem in the future.”
Justin Trollip of Pangolin said, “Being able to rely on a streamlined solution for compliance opens new opportunities for our decentralized exchange in user acquisition and institutional investment in a sustainable and future-proof way. At the same time, it preserves the freedom to choose compliance levels for our current users. We’re excited to be a part of AllianceBlock’s broader ecosystem. Both teams have seen the value in working together as we continue to expand.”
The AllianceBlock team is made up of ex-JP Morgan, Barclays, BNP Paribas, and Goldman Sachs investment bankers, combined with serial entrepreneurs and global leaders in software development and blockchain. Since its inception, AllianceBlock has been making strides in the DeFi industry from all angles, announcing partnerships with Chainlink, Ocean Protocol, Injective Protocol, Orion Protocol, CertiK, and having joined the London Stock Exchange Group’s Partner Platform
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