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Joseph Lubinâs firm ConsenSys is entering the compliance market with the launch of a service for DeFi projects on the Ethereum network.
Ethereum co-founder Joseph Lubinâs firm ConsenSys is releasing a compliance service to keep an eye out on transactions conducted by DeFi companies and exchanges trading tokens issued on Ethereum.
According to a Bloomberg article published on June 8, decentralized applications development company ConsenSys announced it would release a service for decentralized finance (DeFi) projects and crypto exchanges to analyze trades for tokens issued on the Ethereum network.
ConsenSysâ service will be able to monitor user transactions of more than 280,000 coins issued on Ethereum, focusing on exchanges and DeFi companies.
âThere are more and more people building decentralized apps that need this as a Lego piece,â ConsenSysâ Lex Sokolin said. âWhat we are trying to do is make activity on the decentralized financial infrastructure much more safe, transparent, much easier to trace.â
Only focusing on Ethereum-issued tokens
Notably, ConsenSys doesnât seem to be entering the compliance market with tokens issued on the Bitcoin (BTC) blockchain, but just ones on Ethereum. Cointelegraph reported in April that Coinbase-backed Securitize was expanding its compliance services utilizing smart contracts on the Ethereum blockchain.
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