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Etonec and Mina Foundation Collaborate on ZK-Powered Compliance Tool for DeFi and Web3 Privacy

In a bold move to bridge the gap between regulatory requirements and privacy in the decentralized finance (DeFi) and Web3 spheres, crypto payments firm Etonec is teaming up with Mina Foundation. Their target is the creation of a regulatory compliance tool, driven by zero-knowledge (ZK) proof technology. 

Aim and Functionality

This innovative solution aims to iron out privacy and compliance discrepancies prevalent in the industry. It’s expected to function as an identity verifier, providing KYC and AML services within the Lumina Decentralized Exchange (DEX). The tool, built upon zkApps technology, seeks to facilitate transactions that are both private and compliant, ensuring the protection of user data. 

Driving Institutional Participation

The Etonec-Lumina DEX partnership plans to exploit the potential of zero-knowledge tech to carve a liquidity pool market that aligns with regulatory norms. Such a platform could coax institutional investors into exploring DeFi opportunities. 

Beyond the realm of decentralized protocols, this compliance tool has sights on wider applications within the Web3 environment. It’s expected to reach an array of applications and tools in this ever-growing space. 

This compliance solution is set to turn the tables in the user’s favor. It aims to give individuals full control over their personal data and its privacy. Users are empowered to determine whom they share their information with, providing a stronger layer of data protection. 

Launch Expectations

The DeFi and Web3 communities can anticipate a year-end launch for this unique tool. It’s poised to provide a pathway for these communities to meet regulatory standards while upholding the privacy of their transactions and data. This initiative marks a significant step in integrating DeFi with traditional financial mechanisms, attracting a broader range of participants and paving the way for the future of finance. 

In conclusion, as DeFi continues to evolve, this partnership represents a step forward in finding a balance between privacy, regulatory compliance, and user control. The crypto landscape eagerly awaits the arrival of this tool and its potential to transform DeFi and Web3 spaces.

Also Read: Symbiosis Adds Arbitrum Nova to Expand DeFi Connectivity