Crypto regulatory compliance automation firm Astra raises US$9 million in a private token sale

The crypto regulation headwinds will have predictable outcomes, and one of those is the proliferation of automated compliance services. One of them, Astra, just announced it has raised US$9 million in a private token sale for the development of its patented compliance protocol. The protocol aims to add an automated DeFi regulatory compliance layer to trades on crypto exchanges in order preempt whatever is coming for cryptocurrency miners and traders in terms of Treasury regulation guidance in 2022. The protocol "offers legal assurance, framework, dispute resolution, and regulatory compliance for lending and borrowing, derivatives, stablecoins, asset management, decentralized insurance, and decentralized exchanges," says Astra. Its co-founder Arthur Ali commented on the successful financing round:

We are extremely pleased to announce the closure of our token raise and proud to announce strong backing from the top tier investment groups and individuals such as; Republic, DAOMaker, Richard Dai, Fundamental Labs, and institutional backing. We firmly believe that ASTRA is key to the future of DeFi. It will allow us to unlock the next path of growth in the industry, allowing more compliant practices across multiple countries and ensuring further participation from major traditional institutions. Our globally patented technology will seamlessly allow DeFi to continue its growth whilst promoting greater confidence from regulators without compromising decentralization.

The Astra Protocol layer has built-in Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) compliance capabilities. "Moreover, the compliance layer can act as a tool to resolve any real-world compliance issues with the help of various renowned legal firms," adds the Astra team and continues that "without a compliance layer, developers and users may lose control of the ecosystem."

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