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Web3 risk prediction and analytics platform Merkle Science has announced its strategic partnership with the Stellar Development Foundation (SDF).
The Stellar Development Foundation is a non-profit organization that oversees the growth and development of the Stellar Network, a decentralized blockchain designed for speed, utility, and affordability. As part of this partnership, Merkle Science will bring Compass, its industry-leading compliance product, to the Stellar blockchain network. This will help ensure much-needed security and compliance for developers in the Stellar ecosystem.
Because the Web3 world is evolving at a very fast pace, it faces significant security and compliance issues. These problems have only been exacerbated with the rapid growth of the Web3 market over the past few months. With the increase in the health of blockchain networks, a large number of high-profile hacks have caused millions of dollars in losses. Speaking about the development of Compass, Yang Li, director of global partnerships at Merkle Science, said:
Merkle Science looks forward to maintaining a long-term relationship with SDF and adding value to the growth story of the Stellar network. Merkle Science is a world powered by blockchain technology and is building the infrastructure to ensure the safe and healthy growth of cryptocurrencies.
Our mission aligns perfectly with the SDF’s mission to expand financial inclusion. This integration takes us to the next level of solving legal and regulatory challenges within the web3 ecosystem.
This is how Compass will work
Compass by Merkle Science is a risk reporting and transaction monitoring system now available on the Stellar Network. Thus, operators and developers working on the Stellar blockchain will have next-generation security on their platform.
In addition, with the Compass monitoring system now available on Merkle, Stellar-powered companies can offer their developers a new level of protection against fraud and threats. The Merkle Science Compass solution offers a simple interface and ease of integration.
In doing so, Merkle Science will bring a whole new level of “transparency, security and compliance” to the Stellar Network. Denelle Dixon, CEO and CEO of the Stellar Development Foundation, said:
This partnership is an important milestone and risk mitigation solution for the Stellar network. Merkle Science’s next-generation platform will enable projects on the Stellar network to leverage critical new solutions. Anyone who enjoys the interoperability and speed that Stellar provides can now experience industry-leading compliance tools.
This partnership between Stellar and Merkle Science will certainly further advance Web3 on the platform. In addition, this may lead to improved usability of native XLM token. If the Web3 fire burns quickly, XLM could go as high as $1 in the future.
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