- Astra Protocol raised $9M during private sale.
- Astra’s goal is to bring a fully decentralized compliance layer in the DeFi Industry.
- Astra provides regulatory compliance services for lending and borrowing, etc.
Astra Protocol, with its objective to provide all DeFi smart contracts with a fully decentralized compliance layer, has secured a $9 million fund during its token sale. On top of that, premier investment groups and individuals have shown their support for the project. Among them are Fundamental Labs, Richard Dai, Faculty, Republic, DAOMaker, and Wave GP Cardano.
With huge names backing the project, it only proves the high necessity for decentralized compliance in the DeFi industry. Furthermore, Astra Protocol co-founder Arthur Ali stated:
We are extremely pleased to announce the closure of our token raise. 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.
Meanwhile, Jonathan Han, a partner at Republic also said that they believe in Astra’s solution as a significant tool in the movement towards DeFi to become mainstream. He further explained,
We are excited to back the Astra team, who works diligently to bring the benefits of DeFi to more people and organizations.
As mentioned above, Astra’s main goal is focused on equipping DeFi smart contracts with a fully decentralized compliance layer, with KYC and AML capabilities. To add, the compliance layer can help reduce compliance issues with the aid of prominent legal firms.
In addition, Astra Protocol offers a legal framework and assurance, regulatory compliance for borrowing and lending, derivatives, stablecoins, asset management, DEXs, dispute resolution, and decentralized insurance.