Chainwire
Solrise Finance and Civic Technologies Launch First Permissioned DEX on Solana
Disclaimer: This is a sponsored press release. Readers should conduct their own research prior to taking any actions related to the content mentioned in this article. Learn more ›
SAN FRANCISCO, USA, 23rd September, 2021 — The first on-chain decentralized exchange on Solana with permissioned access based on digital identity, Solrise DEX Pro, launches today.
Solrise Finance, a Solana-based decentralized investment platform, and Civic Technologies, a leading innovator in digital identity solutions, have partnered to launch the first on-chain decentralized exchange on Solana with permissioned access based on digital identity. With growing regulatory scrutiny, a permissioned DEX sets the stage for more checks and balances within the DeFi ecosystem.
“This is our way of bridging the world of institutions to DeFi without resorting to centralization, thanks to Civic,” said Filip Dragoslavic, Co-Founder of Solrise. “With Solana already being the most familiar DeFi ecosystem for traditional finance, we expect to become one of the primary hubs for institutions that wish to jump into the ecosystem.”
The new DEX, named Solrise DEX Pro, is built on Project Serum, an on-chain decentralized exchange that utilizes Solana’s throughput to offer a traditional order book experience. Civic Pass, Civic’s identity verification for DeFi or any dApp, and Solrise DEX Pro together create a permissioned environment that is more suitable for institutional players. Solrise DEX Pro will receive support from one of the largest digital asset firms in the space, Alameda Research, a key investor in the Solana ecosystem. The firm will be providing initial liquidity for the DEX as well as ongoing support.
Though permissionless access is considered a core principle of DeFi, the concept is often at odds with the goals of large capital allocators. These institutional investors would like to participate in the DeFi ecosystem, but must meet specific regulatory requirements in order to do so. The introduction of Solrise DEX Pro allows the Civic and Solrise teams to create a parallel ecosystem for institutional players, which are able to tap into the larger ecosystem of Solana on-chain liquidity, while staying in a familiar and permissioned environment. The platform is designed to complement existing permissionless DeFi structures rather than to replace them.
“A permissioned DEX paves the way for more participants in the DeFi ecosystem, including institutional investment,” said Chris Hart, CEO of Civic. “We’re building technology that thoughtfully protects individuals, their digital identities and our new financial systems. In Solrise, we’ve found a partner that shares our values and is working with us to set a higher standard that will ultimately benefit the broader industry.”
Civic provides a KYC solution, through Civic Pass, that a dApp provider can use as an input to their compliance program. Solrise DEX Pro uses Civic Pass to determine which participants meet their rigorous standards for verification prior to allowing them the ability to trade. From Solrise DEX Pro, users are guided to use Civic’s identity verification technology solution. Once the user has completed the Civic Pass screening process, Solrise DEX Pro will use the results of the screening to allow trades on the DEX.
Investors may use Solrise DEX Pro immediately and also watch a demo. The DEX is available to qualified users, which excludes users in the United States and sanctioned countries.
About Solrise
In response to the hurdles posed by high DeFi transaction costs and opaque moves by centralized platforms like Robinhood, Solrise is taking DeFi in a new direction with its intuitive, user-friendly protocol. By leveraging Solana’s high speed, low-cost, and low friction blockchain technology, Solrise aspires to help investors with limited experience and small sums participate in DeFi. This protocol features decentralized non-custodial asset management services that invite anyone to create, manage, and invest in portfolios of native and synthetic assets. With a focus on transparency, speed, and security, Solrise embraces the best DeFi and CeFi features to incentivize participation from all manner of DeFi participants.
About Civic Technologies
As leaders in the decentralized identity space, Civic is focused on real-world applications of its blockchain-powered technology. The company offers flexible identity verification technology for businesses and is developing a solution that will support permissioned decentralized applications to meet their rapidly evolving regulatory compliance requirements. Civic uses identity.com’s open-source, blockchain-based ecosystem to verify credentials. Civic was co-founded in 2015 by serial entrepreneurs Vinny Lingham and Jonathan Smith.
About Identity.com
Identity.com is the leading identity-verification nonprofit providing an open-source, decentralized ecosystem. It also provides a marketplace focusing on verifying credentials rather than exchanging personally identifiable information. Together with Identity.com, companies and developers may create convenient, on-demand identity verification solutions that offer consumers more control over their digital identities.
Contacts
- Filip Dragoslavic
- [email protected]
Share
Broadcast your project news with guaranteed coverage on industry-leading publications like CryptoSlate.
CryptoSlate has partnered with Chainwire to deliver press releases distributed across numerous crypto media sites, including Cointelegraph, Decrypt and The Defiant.
Chainwire has been used by over 800 brands and PR agencies worldwide.
Get Started with Chainwire
