CRD Network partners with Chainlink for interoperability of KYC data across DeFi platforms

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The DeFi ecosys­tem CRD Net­work has part­nered with Chain­link to bring all-in-one com­pli­ance solu­tions to DeFi plat­forms across var­i­ous blockchains. By launch­ing a Chain­link node, the API hub aims to act as the trea­sury of com­pli­ance data for var­i­ous DeFi plat­forms inte­grat­ed into its network.

In a blog post shared ear­li­er today, the net­work noted,

“The end goal is for the CRD Net­work to be a one-stop solu­tion where users can fill out their KYC infor­ma­tion and then have unlim­it­ed access to decen­tral­ized pro­to­cols inte­grat­ed with­in our KYC ser­vice plat­form with­out hav­ing to under­go mul­ti­ple registrations.”

The Chain­link node will act as an ora­cle bridge that would enable exist­ing APIs to become com­pat­i­ble across var­i­ous blockchains, allow­ing the net­work to sup­ply the com­pli­ance data direct­ly on-chain or by leav­ing its cryp­to­graph­ic sig­na­ture for verification.

The announce­ment not­ed sev­er­al ben­e­fits for the inte­gra­tion of its node for com­pli­ance solu­tions regard­ing KYC for smart con­tracts plat­forms and DAOs, espe­cial­ly now that reg­u­la­to­ry com­pli­ance has become a neces­si­ty for the suc­cess­ful launch and oper­a­tions of any blockchain net­work. It stated,

“The launch of the CRD Chain­link node will help increase the adop­tion of enter­pris­es and insti­tu­tions across DeFi, which need KYC ser­vices in place in order to participate.”

By cre­at­ing an inter­op­er­a­ble cre­den­tial for users, it will not only make it eas­i­er for them to onboard plat­forms, but it will also allow DeFi appli­ca­tions to access CRD Network’s data­base “in order to ver­i­fy users’ dig­i­tal address­es for var­i­ous metrics.”

CRD Network isn’t alone

Recent­ly, the Asso­ci­at­ed Press news agency had announced the launch of its own Chain­link ora­cle node. This was done to ensure the cryp­to­graph­ic ver­i­fi­ca­tion of the data it receives from its U.S. news­pa­per and broad­cast­er mem­bers. The agency had not­ed that this would grant smart con­tract devel­op­ers access to the agency’s “eco­nom­ic, sports, and race call data” once the node was operational.

Chainlink’s emer­gence as a trust­ed ora­cle net­work has been reflect­ed in the price per­for­mance of its native token LINK which has seen a 32.9% appre­ci­a­tion over the past month. The dig­i­tal asset has seen a recent surge in trad­ing activ­i­ty, with mil­lions of tokens not­ing high­er real­ized profits.

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