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.”

ALSO READ :  BTC Rewards App Lolli Responds to Alibaba's Denial of Partnership

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


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, 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.
Share This

Share This

Share this post with your friends!