Securrency Launches An Interoperable Blockchain-agnostic Security Token Protocol
Securrency has launched an interoperable blockchain agnostic security protocol. A compliance aware token (CAT-20 and CAT-721). This was made known through an announcement on the 5th of October.
The Compliance Aware Token
The newly launched cryptocurrency token of Securrency, a global financial services technology infrastructure company, is mined with compliance aware tokens CAT protocol. The tokens are self-governing and ensure compliance throughout their life cycle through the use of the regulatory technology of Securrency.
The CEO and Co-Founder of Securrency Dan Doney, noted that the firm had developed the CAT-20 and CAT-721 standards because security tokens should be truly liquid, this means that they should not be limited to one ledger and they should be easy to trade, transfer and regulate. Doney further stated that the new protocol would enable speed, efficiency and also transparency for its users. This would be from Wall Street to the main street while meeting compliance at a global stage.
Also, the CAT token has an interoperability feature. This feature makes the security token functional and can be transferred across different blockchain solutions such as Ethereum, Stellar, Ripple, GoChain, and EOS among others.
John Hensel, Securrency’s Chief Operating Officer, noted that security tokens represent a pathway to the successful development of high liquidity blockchain enabled capital market. Hansel further noted the challenges its way which are ‘walled garden’ approaches and complicated technical deployment. However, Hansel believes that the global interoperability of CAT-20 and CAT-721 protocols, and Securrency features can be used by issuance platforms to support the growth of the security token economy.
Unique Features of Securrency that Makes it Establish Compliance In Primary Offering
The Securrency global financial service tech has Individual and entity automated Know Your Customer (KYC) and know your business that cuts across over 160 jurisdictions. Also is the nondocumentary verification available in 37 jurisdictions. This aids the compliance of its financial services.
Also, it has a transaction know your wallet KYW feature. The digital wallets and associated cryptocurrency are automatically proofed and scored by this feature.
A further feature includes SOF, automated Source of Fund verification service through an easy to manage administration service. This enables verification of the source of a fund on the platform to guide against illegal use and makes it correspond with necessary regulations.
The last feature that enables its compliance is the validation of an investor’s accreditation or qualification based on the jurisdiction of the investors. This aid the system to work with the cryptocurrency regulatory rule of each country.
Meanwhile, Securrency plans to make its CAT-20 and CAT-721 protocols available to other security token issuance platforms to aid global reach the more.