Binance Teams Up With Oasis Labs To Fight Fraud In The Crypto Sector
Binance Teams Up With Oasis Labs To Fight Fraud In The Crypto Sector
August 28, 2020
Binance Teams Up With Oasis Labs To Fight Fraud In The Crypto Sector
Binance Teams Up With Oasis Labs To Fight Fraud In The Crypto Sector
August 28, 2020

Binance, the world’s largest cryptocurrency exchange, has teamed up with Oasis Labs, the privacy-centric blockchain-powered cloud computing developers, to fight fraud in the crypto sector.

On August 27, Oasis was announced as the inaugural member and primary infrastructure provider for the Binance-led CryptoSafe Alliance.

However, Oasis Labs’ “confidential smart contracts” will be utilized in building the decentralized CryptoSafe Platform which is designed to share threat intelligence data among crypto exchanges.

The CryptoSafe Platform will be powered by the Oasis Network blockchain.

According to the report, the firms emphasize the need for the platform to enable collaborative fraud detection while ensuring that the data of participating exchanges are kept confidential and private.

The platform will first facilitate private intelligence sharing, before moving to offer “real-time fraud analysis to fight cryptocurrency hacks, theft, and laundering.”

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Changpeng Zhao (CZ), the CEO of Binance, urged crypto industry representatives to join the CryptoSafe alliance.

He said:

“A collective effort and forging closer ties amongst members will better ensure the security of the global cryptocurrency community and the broader ecosystem’s integrity to achieve this common mission.”

Thus, at the launch, the platform will enable exchanges to share intelligence concerning transactions processed on the Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and Eos (EOS) blockchains, with plans to support additional networks by the end of the year.

Source: Cointelegraph | Image: Binance


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.