Zurich-based Astra Protocol, which is building a decentralized compliance layer for the Web3 economy, is all set to make its native token ASTR public for the very first time on November 11th.
As per the ASTRA Token sale information on the official website, the token will be available to the public for $0.30 with a minimum ticket of $500 and a maximum ticket of $2,500 involving a vesting period of 3 months.
The token will debut on Tokensoft’s launchpad, which is known for raising over $1 billion in token sales. The launchpad is well known for successfully fundraising popular layer one blockchains Avalanche and Tezos.
The Tokensoft Launchpad will provide a secure and compliant way for users to purchase ASTR tokens. The ASTR token going live on Tokensoft’s Launchpad is a significant milestone for the Astra Protocol, helping to further its mission of providing a decentralized KYC solution for Web3.
Soon after the launch, the ASTR token will be made available on other major exchanges for buying, selling, and trading.
ASTR is an ERC-20 token that will enable users to access the Astra Protocol and its services. The ASTR token is an integral part of Astra and will be used to reward users as well as fuel ecosystem growth.
The protocol allows users to share their KYC data with multiple organizations without having to go through the hassle of repeatedly providing their personal information. This one-stop shop for KYC will streamline the compliance process for individuals and organizations.
Driving Compliance in the Crypto Industry
Astra Protocol is a leading decentralized KYC platform on Web3, helping drive compliance in the cryptocurrency industry. The protocol offers an innovative, on-chain dispute resolution framework that adds a legal protection layer to blockchain-based smart contracts.
Astra Protocol’s technology leverages legal professionals to offer a unique KYC service layer without impacting decentralization. Covering 155+ countries and utilizing 300+ sanctions and watchlists, Astra will help Web3 platforms meet global regulations without sacrificing user privacy.
A unique Decentralized Legal Network (DLN) is also created for the same, which is an ecosystem that contains major, global legal and audit firms to provide robust KYC/AML services.
Backed by this specialized services layer of the DLN, Astra provides decentralized regulatory services, including KYC, KYB, and identity screening with on-chain audit capabilities — something no other service offers. Meanwhile, their plug-in technology ensures that the crypto industry has the proper mechanisms to comply with financial AML and KYC standards.
For these grand ambitions, Astra has gained the support of giants like KPMG, Huobi Ventures, Tokensoft, and Republic.
To Attract DeFi’s Wider Adoption
This leading platform will leverage its globally recognized patented protocol to provide a layer of certainty to decentralized businesses, both traditional financial institutions and existing members of the DeFi ecosystem who want to harness the power of decentralized finance more safely.
Astra co-founder and CTO Sakhib Waseem believes that DeFi is just the beginning of a long journey and that DeFi could break into many different verticals.
However, amidst its ongoing growth, the industry is seeing more global regulatory bodies taking public positions on cryptocurrency, with many calling for regulation in the form of carefully considered laws, as opposed to a complete ban on this technology. Astra will be an integral part of adhering to these new laws.
By helping DeFi platforms and protocols comply more closely with KYC, AML, and data privacy regulations, Astra will make DeFi attractive to institutions. Due to increased regulatory certainty and Astra’s innovative service, businesses, governments, non-governmental organizations, and others will now have greater incentives to participate in this decentralized market.
With that perspective in mind, the Astra Protocol has made it easier to integrate the Astra assurance layers and KYC/AML suites into any existing DeFi platform, helping improve auditing and reporting and achieve compliant user onboarding.
It is a groundbreaking new platform that provides a plug-and-play regulatory compliance layer for a fast-growing number of DeFi protocols. As a result, they can leverage Astra Protocol to comply with KYC and AML regulations without changing their fundamental business models, such as keeping pace with the ever-changing regulatory landscape.
All of these features will create a way for there to be permissionless, public blockchains for anyone that are regulatory compliant but without compromising the user privacy — which is precisely what the Astra Protocol will be delivering.