Simplified front-end solution cuts integration required for VASPs to meet FATF Travel Rule, sanction screening, transaction monitoring, and more
Taipei, Taiwan — 29 June 2021 —
CoolBitX—the international blockchain security company, and creators of Sygna Bridge, the market-ready solution for Virtual Asset Service Providers (VASPs) to meet requirements of Financial Action Task Force (FATF) ‘Travel Rule’ guidance—has launched Sygna Gate, a non-technical and easy-to-use browser gateway to help VASPs comply with regulatory requirements.
Sygna Gate is designed to remove integration barriers for VASPs with limited technical resources, allowing them to meet regulatory requirements such as the FATF Travel Rule, blockchain analytics, sanction screening, and more with greater ease.
With Sygna Gate, VASPs would simply require one streamlined interface for multiple solutions, while enabling the interoperable exchange of compliance information between multiple Travel Rule protocols. The Sygna Gate browser interface also reduces the technical integration resources needed, and is designed to assist VASPs in the early stages of adopting Travel Rule and other regulatory requirements.
Michael Ou, CEO of CoolBitX said:
“As global financial authorities take a more active role in regulating the digital asset market, operating a VASP today typically involves the implementation of multiple compliance solutions. With the need for stringent due diligence measures when dealing with cryptocurrencies, it can often be a challenge for smaller and mid-sized VASPs with limited resources to deal with several platforms and solutions.
Over the past year, we have been working with several solutions providers including Elliptic and ComplyAdvantage to create seamless bundle solutions that meet different compliance needs for our VASP customers. Today, we are pleased to announce Sygna Gate, a comprehensive yet integration-free solution that simplifies and eases the compliance process for VASP customers.”
Sygna Gate and Rest of 2021 Roadmap
Sygna Gate builds on the company’s important strategic partnerships with fellow compliance solution providers Elliptic and ComplyAdvantage earlier in January and May 2021. The Wallet Address Filter API developed with Elliptic is a blockchain analytics solution that distinguishes between custodial and private wallet addresses, while the sanctions screening solution with ComplyAdvantage supports financial crime detection.
In October 2021, CoolBitX is scheduled to launch Sygna Hub, an on-premises software platform for traditional financial institutions to assume full control of personal data when transacting with digital assets.
“We are working tirelessly towards our roadmap of having a full suite of flexible compliance solutions for all types of VASPs and financial institutions by the end of 2021. With Sygna Gate recently launched, and with the impending launch of Sygna Hub in October, CoolBitX is constantly working with other solutions providers across the industry to advance the state of compliance, in turn pushing the digital asset industry closer to widespread institutional adoption.”Michael Ou, CoolBitX CEO
Sygna aims to stay at the forefront of the digital asset industry’s AML compliance needs. The Sygna line of products are catering to be highly flexible to the needs of VASPs, while meeting the highest level of information and data security standards. As a testament to its proven information security pedigree, Sygna Bridge achieved the ISO/IEC 27001 certification, a globally recognised standard for Information Security Management System (ISMS) in April 2021.
For additional information on Sygna Gate and to schedule a demo, VASPs can contact the Sygna team for a trial at [email protected].
CoolBitX Ltd. (CBX) is an international blockchain security company building the next-generation infrastructure necessary to maximize digital asset adoption. Founded in 2014 by Michael Ou and backed by SBI Holdings, CoolBitX provides solutions for a rapidly-changing blockchain industry in order to foster the mass adoption of virtual assets through its two product lines: CoolWallet S and Sygna.
CoolWallet S is a credit card-sized hardware wallet that allows for Bluetooth-enabled pairing with users’ mobile phones. The Sygna line of regulatory compliance products are tailored toward Virtual Asset Service Providers (VASPs), simplifying the process for VASPs to meet the compliance standards of the traditional financial industry and improve the reputation of the virtual currency industry.
For more information on CoolBitX, visit https://coolbitx.com/.
About Sygna Bridge
Sygna Bridge is a user-friendly, and secure data exchange compliance solution that allows Virtual Asset Service Providers (VASPs) to comply with data exchange regulation. For VASPs licensed or registered in any of the 200 global jurisdictions committed to FATF Recommendations, Sygna Bridge is a first-to-market solution that simplifies the complex and labor-intensive task of meeting the “travel rule” requirements as defined in FATF Recommendation 16.
As a testament to meeting the highest level of information security, Sygna Bridge achieved the ISO/IEC 27001 certification, a globally recognised standard for Information Security Management System (ISMS) in April 2021. For more information on Sygna, visit https://sygna.io/ and for more information on CoolBitX, visit https://coolbitx.com/.