GLEIF and Chainlink have partnered to present a trusted on-chain answer for verifying the authorized identities behind digital assets and good contracts.
Abstract
- GLEIF and Chainlink will mix vLEI with Chainlink’s CCID and ACE to present automated, verifiable, and privacy-preserving identity verification for digital assets and good contracts.
- The answer allows asset issuers, stablecoin suppliers, and monetary establishments to meet world regulatory requirements, confirm counterparties, and safe tokenized transactions at scale.
The World Authorized Entity Identifier Basis (GLEIF) and Chainlink (LINK) have introduced a strategic partnership to develop an institutional-grade identity answer for the blockchain business. The initiative combines GLEIF’s verifiable Authorized Entity Identifier (vLEI) with Chainlink’s Cross-Chain Identity (CCID) infrastructure and Automated Compliance Engine (ACE) to present verifiable, compliant, and privacy-preserving identity verification for digital asset transactions.
The answer embeds verifiable identity data instantly into on-chain assets and good contracts. This permits establishments and tokenization platforms to mechanically confirm the origin of assets, implement compliance insurance policies, and keep management of assets even within the occasion of compromised cryptographic keys.
“I feel their [GLEIF’s] broadly used identity customary may also turn out to be broadly used within the onchain finance world,” mentioned Sergey Nazarov, Co-Founding father of Chainlink.
What Chainlink-GLEIF partnership means for tokenized finance
The partnership unlocks a number of groundbreaking capabilities for tokenized finance. Most notably, asset issuers and good contract purposes can seamlessly comply with rules throughout a number of jurisdictions, together with Europe’s MiCA, the U.S. FDTA, and FATF requirements. Stablecoin issuers can now show their authorized identity instantly on the contract stage, offering transparency for regulators, markets, and customers whereas stopping fraudulent imitations.
Different use instances embody enabling custodians and VASPs to confirm counterparties in line with FATF Journey Rule necessities with out exposing delicate buyer information, permitting banks and asset managers to challenge tokenized assets with verifiable provenance, and giving enterprises the power to restore management over compromised contracts utilizing role-based restoration mechanisms.
“Leveraging the LEI and vLEI, this turns duplicative and guide compliance checks into automated, on-chain workflows. The result’s better effectivity, reliability, and scalability for digital assets compliance,” mentioned Alexandre Kech, CEO of GLEIF.
The announcement comes on the heels of one other main transfer by Chainlink. The corporate not too long ago built-in its execution layer, the Chainlink Runtime Atmosphere (CRE), with the worldwide monetary messaging community SWIFT, enabling banks to set off on-chain transactions utilizing their current infrastructure.
Buoyed by these developments, LINK worth is up 4% prior to now 24 hours, at the moment buying and selling at $22.13, because it makes an attempt to reclaim the recently broken ascending trendline as help.
