Elrond Network, a provider of internet-scale blockchain infrastructure for Web3 payments, has announced a partnership with blockchain analytics platform Anchain AI to improve compliance and fraud prevention. Elrond, a proof-of-stake protocol for blockchain-based digital payments, can execute over 10,000 transactions per second (TPS) at a low cost and with a 5-second latency.
Elrond’s Emost recent action, partnering with AI-driven cybersecurity firm Anchain, has proven the company’s efforts to comply with regulatory regulations.
Elrond Network CEO Beniamin Mincu sees the partnership as a significant step forward in the global financial system:
“Our scalable design allows international financial institutions and national economies to function and collaborate. As a result, having access to the highest standards of compliance and fraud protection is critical. In this aspect, Anchain AI is a huge help.”
Elrond has added an e-money licence to its portfolio, known as a Virtual Asset Service Provider (VASP). In addition, the network intends to issue debit cards to European Economic Area residents. Compliance with regulatory organisations has become increasingly important when the company enters the payment market.
After getting permits from the Romanian Central Bank, Elrond purchased the payments provider Twispay in March, allowing the initiative to operate across the EU. It also mentioned plans for the region to create stablecoins. Anchain’s competence in cybersecurity, compliance tactics, and security risk monitoring is seen as vital to addressing institutional demand by the firm, which is dedicated to overhauling utility e-money and integrating blockchain technology.
For compliance and forensics services, Anchain has broad ties with major financial institutions such as the US SEC and governments. Elrond wants to use its expertise in this area to ensure “safe and compliant operations.”
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