Shyft is focused on allowing pseudonymous entities participating in crypto transactions – such as exchanges, custodial wallets, and brokerage firms – to identify each other and securely share data about their customers, as per the requirements of the Financial Action Task Force (FATF) and its so-called ‘Travel Rule’.
Worldpay will be running some of the federation nodes used by Shyft Network to validate transactions and provide data attribution, but it’s also getting involved in Shyft’s ‘Veriscope’ Travel Rule solution, a smart-contract layer sitting on top of the network.
FATF’s Travel Rule is viewed as the beginnings of a broader decentralised identification architecture, but its first phase, which is being bolstered by the likes of DLA Piper and Worldpay, is essentially about onboarding VASPs.
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