Decentralized application development company, ConsenSys is releasing a compliance service to keep an eye out on transactions conducted by DeFi companies and exchanges trading tokens issued on Ethereum.
On June 8 Bloomberg published an article stating that it would release a service for decentralized finance (DeFi) projects and crypto exchanges to analyze trades for tokens issued on the Ethereum network.
Today we launch #CodefiCompliance, an automated and agile regulatory and compliance platform for digital assets built on #ethereum by @ConsenSysCodefi.https://t.co/NMsIVaDFHw — ConsenSys (@Consensys) June 8, 2020
ConsenSys service will be able to monitor user transactions of more than 280,000 coins issued on Ethereum, focusing on exchanges and DeFi companies.
Lex Sokolin an executive at ConsenSys London said:
“There are more and more people building decentralized apps that need this as a Lego piece. What we are trying to do is make activity on the decentralized financial infrastructure much more safe, transparent, much easier to trace.”
However, ConsenSys doesn’t seem to be entering the compliance market with tokens issued on the Bitcoin (BTC) blockchain, but just ones on Ethereum.