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Merkle Science, a Web3 risk forecasting and analytics platform, has announced its strategic partnership with the Stellar Development Foundation (SDF). The Stellar Development Foundation, a non-profit organization committed to fostering the growth and development of the Stellar network, has joined forces with Merkle Science to introduce “Compass,” their industry-leading compliance product, into the Stellar blockchain network. This collaboration aims to enhance security and compliance for developers within the Stellar ecosystem.
The Challenges in the Rapidly Evolving Web3 Landscape
As the Web3 landscape evolves at an accelerated pace, it faces significant security and compliance challenges, exacerbated by the rapid growth of the Web3 market over the past few months. With increased blockchain network functionality, a surge in high-profile hacks has resulted in substantial financial losses. Jan Lui, Global Partnerships Director at Merkle Science, expressed:
“Merkle Science looks forward to maintaining long-term relationships with SDF and adding value to the Stellar network's growth story. Merkle Science operates in a blockchain-based world, building infrastructure for the safe and healthy growth of cryptocurrencies. Our mission aligns perfectly with SDF's mission to expand access to financial services. This integration takes us to a new level of solving legal and regulatory challenges within the web3 ecosystem.”
How “Compass” Works
Merkle Science's “Compass” is a risk reporting and transaction monitoring system now available on the Stellar Network. This integration provides operators and developers working on the Stellar blockchain with next-generation security for their platform.
Additionally, Stellar-based companies can offer their developers a new level of fraud protection and security thanks to the Compass monitoring system. Merkle Science's Compass solution offers a straightforward interface and ease of integration.
Enhanced Transparency, Security, and Compliance
Merkle Science's introduction into the Stellar Network brings an entirely new level of “transparency, security, and compliance” to the platform. Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, stated:
“This partnership is a significant milestone and a risk-reduction solution for the Stellar network. Merkle Science's next-generation platform allows projects on the Stellar network to access vital new compliance solutions. Anyone who enjoys the functionality and speed that Stellar provides can now experience the industry's best compliance tools.”
The partnership between Stellar and Merkle Science promises to further advance the Web3 ecosystem on the platform. Additionally, it has the potential to enhance the convenience of using the native XLM token. If the Web3 space continues to rapidly expand, XLM may see future gains, potentially reaching $1.
