In the rapidly evolving world of decentralized finance (DeFi) and blockchain technology, regulatory compliance has become a paramount concern as regulators around the world are grappling with how to best oversee this rapidly changing space.
Web3, a term often used to describe the decentralized and blockchain-driven internet, encompasses various applications like DeFi, NFTs (Non-Fungible Tokens), and decentralized autonomous organizations (DAOs). While these innovations bring immense opportunities, they also introduce intricate complex regulatory issues and concerns. Recognizing this, one tech startup has stepped up to address these challenges.
Enter Swisstronik, a Web3 compliance startup that’s building a layer-1 network for scalable applications that ensures users’ privacy while adhering to regulatory requirements. Swisstronik is the first platform that enables individuals to create decentralized applications (dApps) that are both legally compliant and private, all without requiring any legal expertise.
In a move to expand its platform and drive broader adoption of blockchain technology, Swisstronik revealed today that it has successfully raised $5 million in seed funding round. Alongside this funding milestone, the startup also launched a private token sale, catering to early adopters. The launch of this sale coincides with an inaugural transaction in which $SWTR tokens worth $500,000 were acquired by MAQ Capital Home.
Swisstronik’s goal is to drive real-world adoption of blockchain technology by offering a secure and user-friendly network that tackles challenges related to legal compliance, data privacy, and interoperability. The project aspires to become the preferred blockchain solution for dApp developers, individuals, and enterprises, while adhering to the principles of privacy and decentralization.
The startup was founded by Valerii Brizhatiuk and Mike Antonuk, who were later joined by Constantin Guggi and Anton Polianski, bringing extensive blockchain experience to the team. Guggi and Polianski had previously ventured into crypto mining and a private infrastructure project, achieving a successful exit just before the crypto winter of 2018. They subsequently engaged in the communications sector and invested in various projects, including the UAE-based Tawasal Superapp.
Swisstronik has achieved significant progress since the collaboration between Guggi, Polianski, Brizhatiuk, and Antonuk. Recently, it launched its testnet, which supports secure and private transactions. Swisstronik’s Compliance Suite, scheduled for launch in late 2023, aims to streamline compliance management in a cost-effective and decentralized manner, enhancing user privacy and safety.
The startup has initiated a private token sale, allowing early participants to acquire $SWTR tokens, which will grant access to decentralized compliance services within the Swisstronik network. MAQ Capital Home, represented by Mohammed Abdul Qadir Jihad, has already made a significant investment of $500,000 in future $SWTR tokens through this private sale. The private token sale is set to continue until mid-2024, with plans for a public token sale in the second half of 2024. Further details will be disclosed at a later date.
Founded in 2022, Swisstronik is a tech startup founded a few years ago with the goal of making Web3 compliant and secure for both developers and users. Its platform is the first of its kind Web3 Compliance Suite that brings together international regulators, KYC issuers, and other legal service providers in a self-regulating network. The platform also uses a combination of programmable, hardware-based protection technology based on Intel SGX and cryptographic techniques based on zero-knowledge proofs.
This unique combination of technologies allows Web3 companies to become KYC, AML, and DPR compliant with minimal costs by launching on Swisstronik or integrating one of its chain-agnostic utilities in their dApps on other chains. And users can be sure their data stays private and secure even during identity checks.