Venrai Launches a Chainlink Node that Delivers Digital Asset Compliance Data On-Chain to DeFi Platforms
DeFi platforms can now access the official Venrai Chainlink node to source Office of Foreign Assets Control (OFAC) sanctions data.
The team at Venrai are proud to announce the launch of an official Chainlink node that makes key Office of Foreign Assets Control (OFAC) compliance data accessible to DeFi platforms operating on leading blockchain networks such as Ethereum.
DeFi platforms can now call the Venrai Chainlink node to receive cryptographically-verified data detailing OFAC-sanctioned wallet addresses, serving as a plug-and-play solution that improves the regulatory compliance of DeFi platforms such as decentralised exchanges. Projects building enterprise implementations of DeFi protocols now have a clearer route to OFAC sanctions compliance, and can engage other platforms that source compliance data from Venrai with confidence.
If you want to learn how to access Venrai compliance data on-chain, refer to our developer documentation.
Venrai decided to supply its compliance data on-chain using Chainlink because it is the most widely used oracle solution in the blockchain industry, both for data providers and smart contract development teams. Chainlink is a future-proof oracle solution for delivering compliance data directly on any blockchain
To learn more about why we decided to launch a Chainlink node, view our previous announcement.
Bringing trusted compliance data on-chain
Venrai is a digital asset compliance and security audit solutions company that offers all-encompassing support to blockchain-based projects. The firm has deep knowledge of UK, EU and US regulations, delivering client-focused solutions to achieve regulatory compliance within the digital asset space. Venrai’s service offering ranges from advice on company formation, client onboarding and investor due diligence, to AML/CTF regulatory compliance and smart contract auditing.
When accessing Venrai’s API, DeFi projects can avoid facilitating transactions involving OFAC-sanctioned digital asset addresses. Consequently, projects can reduce their own regulatory risk as well as combat illicit activity in the DeFi space.
Sanctions compliance data sourced from the official Venrai Chainlink node is also cryptographically signed to prove its origination from Venrai.
Institutional adoption of DeFi
We are excited to bring our sanctions compliance solution on-chain through Chainlink, and we look forward to offering additional datasets covering sanctions from other jurisdictions through our node in the future to further the adoption of DeFi and the blockchain industry as a whole.
With the availability of a trusted plug-and-play compliance solution that is easily accessible on-chain, institutions can explore decentralised protocols with more confidence.
“Without regulatory compliance options available on-chain, it’s incredibly difficult for enterprises to build and adopt DeFi protocols. Through the Venrai Chainlink node, we have made our refined and up-to-date OFAC sanctions compliance dataset accessible on-chain, further enabling DeFi and the blockchain industry to be considered as a viable market by institutions. The result is that institutions now have the necessary sanctions compliance infrastructure needed to build out support for DeFi on behalf of their customers,” stated Jason Tucker-Feltham, Founder and CEO of Venrai.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Venrai is a leading digital asset compliance and security auditing firm that provides guidance to companies navigating an increasingly complex global regulatory landscape. Venrai is dedicated to improving the security and regulatory compliance of digital asset solutions. By combating illicit actors, our solutions contribute to the ever-improving perception of digital assets and blockchain technologies.
Secure, compliant and trusted digital asset solutions. It’s in our DNA.