Astra Protocol, a decentralized KYC platform for Web3, introducing the financial regulatory standards for more than 150 countries and over 300 sanctions to the crypto industry, launched its $ASTRA token on multiple significant exchanges on January 16th, 2023.
A fixed supply utility token, with a total of 1 billion minted, the $ASTRA token will work as a unique SAAS (Software as a Service). Platforms will stake the token to access Astra's KYC services. KuCoin and MEXC, two of the most well-known exchanges in the crypto world, are facilitating trades in $ASTRA. The available trading pair is $ASTRA/USDT.
With more than 700 tokens and an accumulated trading volume of more than a trillion US dollars, KuCoin is one of the most popular exchanges globally. With more than 20 million global investors present in its platform, KuCoin is reportedly used by 1 out of 4 crypto holders worldwide.
MEXC Global, the other exchange where $ASTRA tokens are available for trade, is known for its safety and security features and expertise in launching new and high-quality crypto projects with good liquidity.
With the $ASTRA token available in these two exchanges, the question is how it will benefit and add value to the crypto world. The value of the $ASTRA token comes from the qualities, features, and benefits Astra protocol offers. And those features go beyond the realm of providing KYC services.
Astra Protocol: The Value Adds
The apparent lack of investor protection mechanism, especially after the FTX debacle and the de-pegging of Terra Luna, has held back the crypto industry from fulfilling its potential in the recent past. A host of external regulatory agencies, including governmental supervisory authorities and autonomous bodies, have tried to tame or streamline it. Astra Protocol shows that building trust and transparency into the system came from within the DeFi industry, proactively, much before external agencies started stressing it.
Astra Protocol comes with a spectrum of solutions beyond traditional KYC and involves KYB (Know Your Business), AML (Anti Money Laundering), and Reporting solutions.
Both the KYC and KYB are available across more than 150 countries and over 300 sanction/screening lists. Both come with the features and advantages of on-chain data, graded KYC risk scores, and a decentralized legal network (DNL). Moreover, KYC solutions come with the benefits of Biometrics, while KYB offers beneficial owner checks.
The Anti Money Laundering solutions of Astra are applicable for Web3 and Web2. It leverages the anti-terrorism watchlist and goes by the FATF standards. Finally, fully customized reporting provisions of Astra ensure that all necessary information and data points are available on a web-based analytical platform with exportable reporting and customizable dashboards.
With its extensive partner network with globally-revered names like KPMG, Tokensoft, Huobi, Delta Exchange, and many more, Astra helps move towards a regime that should seamlessly facilitate onboarding the next billion users to Web3.
$ASTRA In the Scene
$ASTRA tokens will help platforms access Astra's KYC services which are faster and more cost-effective than traditional compliance processes. The globally patented decentralized KYC and KYB solutions of Astra will also ensure that speed, convenience, and cost benefits do not come at the cost of decentralization and anonymity, helping users stay true to the nature of Web3.
Astra's services have the backing of Tier 1 legal and auditing firms empowered to conduct deep audit checks. These are benefits that make compliance foolproof and make the process highly efficient at a broader level.
Holding an $ASTRA token is an excellent forward-looking step as well since the protocol has completed developing its FATF-compliant solution. It will be a mobile web-compatible middleware layer for both custodial and non-custodial wallets. Although compatibility-wise, Astra goes with Ethereum-enabled applications. It will expand to other chains as well.
On launch, $ASTRA tokens opened at $0.39 and closed at $0.42, registering a trading volume of more than US$1.3 million.
In the future, its span should expand further with its plug-in technology ensuring crypto's compliance with regulatory standards, resulting in a robust, trusted, and transparent DeFi regime for investors to plunge in without concern.
* This is a contributed article and this content does not necessarily represent the views of techtimes.com
