German company Solidproof is partnering with Unicrypt to support its entry into the Smart Contract audit market. The firm that offers KYC services is planning further forays into the sector and will hold its initial token offer at a date to be announced.
The partnership puts Solidproof on the fast track to becoming the provider of choice for Decentralized Finance (DeFi) projects auditing and KYC services. Its smart auditing contracts will help to identify vulnerabilities within projects through manual and automatic tests. At the moment, though, the service supports manual audits only but plans to automate them soon.
The Need: Defi-related Crime is Rising
Solidproof's two products will give players in the space the peace of mind that their investments are safe. The firm's KYC product will protect projects against fraudsters and individuals transacting in funds gained through illegal activity. It carries out a thorough background check to flag proceeds from corruption, money laundering, drug trafficking and financing terror.
The Benefit: Insulating Against Funds Loss
Similarly, the firm's project auditing solution checks the soundness of a venture's smart contract. Smart Contracts are central to the functioning of DeFi projects. It follows that they must subscribe to the highest security standards. The audit solution seeks out bugs and other vulnerabilities in the contracts that may expose those projects to attacks. As such, it insulates project owners and investors from losing their funds.
Warm Reception