📋 Tender Overview
The Bitfury Group has partnered with and acquired a strategic position in the Shyft Network a data aggregation and identity network to launch a global identity ecosystem for governments and businesses.The Shyft Network will launch with two major initial use cases a FATF Travel Rule compliance solution enabling cryptocurrency exchanges to safely and compliantly share customer data when transferring funds and a digital identity framework to be deployed by governments with the first official deployment in partnership with the Bermudian government.This investment is well timed in light of recent global regulatory developments. Under new AML and KYC guidelines issued by the Financial Action Task Force FATF in June Virtual Asset Service Providers VASPs including cryptocurrency exchanges must transmit customer data including names and account numbers to other financial institutions when transferring funds equivalent to 1000 or more. This is so called Travel Rule and its goal is to help law enforcement agencies track suspicious activity across exchanges. The FATF is also currently working to complete a guidance that will standardize how governments globally prioritize and work with national digital identity systems for the purpose of customer due diligence processes.Bitfury will be a key stakeholder and partner on Shyft Network to support in the build of the FATF Travel Rule compliance solution and collaborate on identity and data infrastructure for governments and enterprises. Shyft Network and Bitfurys Exonum infrastructure team and Crystal analytics team will also build a suite of compliance and analytics solutions leveraging the Exonum and Shyft Network blockchain protocols to increase the value of FATF Travel Rule compliance solutions.Working together Bitfury and Shyft will create a trusted new ecosystem that includes all market participants said Valery Vavilov CEO and co-founder of Bitfury. Our shared goal in this major new project is to provide enterprises and governments around the world with mission critical next-generation infrastructure to enhance core services and reduce systemic risks.We look forward to working with Shyft Network to build and implement a FATF-compliant infrastructure for cryptocurrency transactions that is safe secure and trusted for all users said Marina Khaustova CEO of Crystal Blockchain. We are committed to making VASPs KYC and AML processes faster safer and more efficient while also guarding private data that users are not required to share.Bitfury will also use Shyft Network as a trusted identity platform data integrity standard and consent framework for its customers and projects on its Exonum blockchain platform to accelerate the speed of global adoption and provide enterprise-grade infrastructure to enhance its services layer and create new products.Joseph Weinberg co-founder of Shyft Network said As privacy identity and data security become increasingly critical regulatory topics the systems presented to solve these challenges will require best-in-class infrastructure. The Shyft Network team is incredibly excited to be working with The Bitfury Group to build critical technologies to address regulatory threats to the cryptocurrency space and collaborate on several significant government and enterprise partnerships around the world.
