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.
Binance’s CryptoSafe Platform will allow confidential intelligence sharing among exchanges and provide real-time fraud analysis to fight crypto hacks and laundering https://t.co/oqNCrzLcOm — Cointelegraph (@Cointelegraph) August 28, 2020
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.”
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