Uppsala Security signs partnership with DeFi company Ducato to build anti-money laundering solution and strengthen service security
On August 20, Uppsala Security, a blockchain security company, announced that it has signed a “business agreement for the introduction of anti money laundering prevention (AML) and security service enhancement” with Ducato, a blockchain-based hybrid DeFi service company.
Based on previous experience in operating CeFi virtual asset lending and deposit services, Ducato built Hybrid DeFi 2.0, which combines CeFi and DeFi. Hybrid DeFi 2.0 will be officially launched in mid September. Ducato aims to contribute to the expansion of the virtual asset finance and payment by providing KRWD stablecoins and DUCATO protocol tokens. The tokens will allow network participants to earn profits, ultimately resulting gradual decentralized Hybrid DeFi 2.0 ecosystem.
By adopting Uppsala Security’s AML solution, Ducato maintain its obligations to manage compliance and prevent money laundering as a virtual asset business provider (VASP) before implementing the Specific Financial Transaction Report and Use Law It will also focus on strengthening security.
According to DeFi pulse, an information site for DeFi coin, the total value of all cryptocurrency DeFi deposit assets (TVL, Total Value Locked) as of August 19, is currently about 6.1 billion dollars (about 7 trillion won), which has grown 9 times in half a year. Large exchanges are also rushing to list the popular DeFi tokens. As the utilization and market share of DeFi services such as virtual asset lending and deposit services have increased dramatically, hacking incidents and cyber security attacks are also increasing, and security is essential for the continued growth of the DeFi industry.
Patrick Kim, CEO of Uppsala Security said, “We have developed FDS (Fraud Detection System) solution that learned the transaction patterns of risky wallets through machine learning based on our database built by receiving reports directly from victims of cryptocurrency hacking and fraud. It is optimized for the security of DeFi companies such as Ducato in that it is possible to identify fraudulent asset transactions in advance and quickly track the flow of funds even afterwards to accurately identify exchanges that are likely to be monetized.”
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