In Brief
- US SEC sign deal with AnChain.AI, a leading Blockchain, and security firm.
- The total worth of the deal is $6,25,000 for five years.
- The company will take ‘Preventive’ measures instead of only Monitoring
According to the sources, AnChain.AI, a leading Blockchain, and security firm have signed a deal with the Securities and Exchange Commission (SEC) in order to maintain security and to look over a Decentralized Finance (DeFi) Transactions. The Total Worth of this Contract will be $6,25,000 for five years, which is almost $1,25,000 for one year.
The founder and CEO of AnChain.AI, Victor Fang said, “The SEC is very keen on understanding what is happening in the world of smart contract-based digital assets…so we are providing them with technology to analyze and trace smart contracts.”
The agreement signed between Government Authority, SEC, and Blockchain firm comes following SEC chair Gary urging decentralized finance, a project to register with the agency. He said that” decentralized in some aspects but highly centralized in other aspects.” According to him, Defi platform developers and others can form a team under the SEC’s regulations.
The SEC had announced that it had reported the first case in 2018 related to securities using Defi technology. In return, SEC had shut down the EtherDelta, which was operating illegally.
The industry has capitalized on a market by having a worth of more than $126 Billion. Uniswap is a prominent cryptocurrency exchange platform. The company has $1 billion Tokens traded last 24 hours and the Market Cap of this UNI token is $14.2 billion.
Anchain.AI contributes to Blockchain analytics and monitor crypto transactions on many Public and private chains. According to Forbes, the company wants to take ‘Preventive’ measures to counter suspicious addresses and transactions, Instead of relying only upon Investigation on the particular cases. By doing this, They will enhance the securities in the blockchain.
Also Read: Thai SEC Warns Crypto Investors about DeFi Transactions
