Vixichain’s DevNet goes live to provide banks secure and compliant access to DeFi
To complement its DevNet launch, Vixichain introduces a web-based version of the Vixichain Web3 Wallet, empowering users with seamless self-onboarding and secure token transactions
VILNIUS, Lithuania, Feb. 07, 2025 (GLOBE NEWSWIRE) — Vixichain, a Layer-1 blockchain developing a compliant digital payment rail for financial institutions to interact with DeFi, deploys its DevNet ahead of its upcoming mainnet launch in Q2 2025. The DevNet provides a sandboxed environment for financial institutions to confidently engage with digital assets and decentralized finance (DeFi) as on-chain validators along with corporate and retail users—all in a secure and compliant nature. Vixichain onboards institutions to serve as validators that reduce financial risks. Additionally, Vixichain will leverage the immense infrastructure and reputation of financial institutions to help build trust within its ecosystem.
The unregulated nature of DeFi promotes broad accessibility and maximizes decentralization, but it also limits the full potential of digital assets. In 2024, DeFi continued demonstrating its ability to develop and deploy innovative financial tools and solutions, highlighted by tokenized real-world assets and liquid staking, as it surpassed $125 billion in total value locked (TVL). However, the lack of regulatory clarity and preference for non-compliant self-custody wallets, which account for around 70 percent of all wallets holding over $ 83 billion in TVL, within this expanding sector leaves financial institutions, who are eager to engage with DeFi protocols, on the outside looking in. TradFi’s need for strict compliance and customer privacy protections doesn’t allow it to engage with DeFi meaningfully.
After recently raising $7 million in early-stage funding, Vixichain’s DevNet launch features the deployment of Bank-as-Validator (BaV) and Auditor Nodes, which provide financial institutions with an active role in DeFi transactions through on-chain validation processes. This leads to greater recognition of DeFi within the TradFi industry. As a permissioned blockchain, its DevNet offers institutions a safe environment to familiarize themselves with Vixichain’s protocol where privacy and transparency are balanced in a compliant fashion.
For banks and regulators, Vixichain’s Smart Compliance Rule Engine enables incentives for validating, receiving a cut from each transaction, and reducing illegal activities and non-compliant transactions. In accordance with its commitment to security and transparency, Vixichain successfully integrated its KYC (know your customer) provider. This integration sets the stage for robust digital identity processes, guaranteeing trust and compliance among bank validators.
To grant institutions secure access to public chains, Vixichain introduced an “NFT stablecoin” (NUSD) that is digitally stamped and backed by institutions and fiat to avoid money laundering risks. This makes NUSD a fully traceable bridge between Vixichain’s permissioned network and the rest of the blockchain ecosystem. Vixichain’s blending of stablecoin and NFT technology ensures institutional-level privacy and compliance without blocking access to DeFi products and services.
Powered by the VIXC token and supported by the Vixi wallet, Vixichain’s ecosystem enables end-users to store, send, and receive digital assets. Users can choose their institution of choice to validate transactions, and in return, institutions receive transaction fees as an incentive.
“This is an exciting milestone for Vixichain and looking ahead, we are hyper-focused on advancing our BaV and auditor panels, digital identity processes, and compliance rule engine,” says Roy Mayer, CEO and Founder of Vixichain. “These components along with our DevNet phase exemplify our unwavering dedication to creating a secure and innovative blockchain ecosystem for both institutions and investors.”
About Vixichain:
As a regulated entity, Vixichain bridges the gap between current legal frameworks and the innovative potential of crypto and DeFi to enable traditional financial institutions to securely engage with the world of digital financial solutions. The platform empowers financial institutions to actively participate in the blockchain space and ensures transactions are faster, secure, and compliant. For more information, visit: https://www.vixichain.org/
Contact:
Ari Karp
info@vixichain.org
Disclaimer: This content is provided by Vixichain. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
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