Bitfury has recently acquired Shyft Network, a company that is working on decentralized identity solutions that would help the firms develop a data transfer product. Specifically, Bitfury is going to be investing in the travel rule solution that complies with the Financial Action Task Force (FATF) and its legal framework.
Bitfury Invests In Shyft Network
According to the information released in a press release on December 5, the company will be working on solutions that would make it easier for exchanges to share information. Cryptocurrency exchanges must be compliant with the current rules imposed by the FATF in which they have to provide information about users trading on their platforms.
During this year, the Shyft Network has been working in order to build its network of partners and work on its team that included former FATF executives. There are already several companies working closely to Shyft and that want to participate in the testing of these solutions.
The new partnership and acquisition will include Bitfury’s subsidiaries called Exonum and Crystal. These are two blockchain-related firms that offer solutions to companies and organizations.
According to Joseph Weinberg, the co-founder of Shyft, crypto exchanges are working on a product that could be launched in early 2020. Furthermore, they are currently working with several countries in different regions to adopt an identity platform.
Regulations in the cryptocurrency market have always been a difficult topic. The current decision of Bitfury Group to acquire the Shyft Network could be related to the fact that Bitfury wants to be close to the development and implementation of systems that would help companies be compliant with FATF requirements.
Several jurisdictions have been creating clear legal frameworks for cryptocurrencies and crypto-related companies. This is expected to improve the relationship between companies and governments while protecting investors from scams and other fraudulent firms.