Fixing the Fences of a Vulnerable DeFi Space

There might be a whole lot that human beings can do well, and yet there is little we do better than growing on a consistent basis. This tendency to improve under all situations has notably got us to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, based on its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we dig a little deeper, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real-world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then on to scale up the human experience from every conceivable direction, but even after achieving such a monumental feat, technology will somehow continue to deliver the goods. The same has grown to become a lot more evident in recent times, and truth be told, Quadrata’s latest move will only make that trend bigger and better moving forward.

Quadrata, a Web3 identity solution bringing compliance and reputation to public blockchains, has officially partnered with nine DeFi protocols to provide them with dedicated identity verification capabilities, and therefore, enhance their security by a significant margin. According to certain reports, the nine protocols included here are TrueFi, Archblock, BSOS, Frigg.Eco, Cred Protocol, Chelo Finance, CR Square, Chee Finance, and SPACE. With all these DeFi players offering various critical services, such as undercollateralized and collateralized lending, decentralized credit scoring, investing, and products for DAOs like smart contracts support, credit and money markets, software, and sustainable infrastructure financing, it’s of huge importance for them to also offer a robust security framework. But how can Quadrata solve that particular conundrum? Well, it will leverage its proprietary technology to verify the Know Your Customer (KYC) and Anti-Money Laundering (AML) risk score of every single user, doing so through its renowned sybil-resistant NFT passport. However, apart from helping the stated DeFi applications in assessing their customers’ reputation, Quadrata’s setup even empowers them to implement a seamless onboarding framework, which is unsurprisingly integral to a good client experience.

When quizzed regarding Quadrata’s technological prowess, Julian Gay, CEO of Cred Protocol, responded by saying:

“Cred is pleased to be partnering with Quadrata as they share our mission of bringing trust and transparency to web3. Bringing together identity and creditworthiness is an important step to unlocking safe and scalable access to credit within DeFi. The partnership between Cred and Quadrata will give founders and institutions confidence that they are onboarding users with a strong reputation.”

Founded during the year 2021, Quadrata has wasted no time in becoming a proper leader of our Web3 space. The biggest driving force behind that meteoric rise focuses on its ability to provide identity and compliance layer to decentralized applications on existing public blockchains such as Ethereum. However, there is also a lot running on the company’s privacy preserving and sybil-resistant technology which allows smart contract applications native on-chain access to information such as DID, KYC/AML risk scores, credit reputation, as well as accredited investors’ status in the future.

“The convergence of blockchain technology and digital identity is the next step to fostering broad adoption of DeFi,” said Lisa Fridman, President and co-founder of Quadrata. “As we onboard more individuals and institutions to Web3, we can create innovations that will support real-world use cases. I’m excited to see how each of our partnerships unfold over the year.”