Shyft Network continues to expand its presence in India’s crypto market, announcing a partnership with Unitic for the integration of Veriscope‘s compliance solutions.
The partnership comes as India‘s crypto sector continues to develop, blending traditional finance practices “with digital asset innovation in one of the world’s dynamic trading environments.”
By integrating Veriscope’s Travel Rule solution as well as User Signing functionality, Unitic now joins various other Indian exchanges in “strengthening the country’s crypto trading environment.”
The implementation addresses the need for compliance solutions that work in harmony with “local trading dynamics, while ensuring users benefit from enhanced security features.”
Zach Justein, Veriscope co-founder, reflects on the partnership said:
“India’s crypto microclimate represents a unique convergence of technological adaptability and market potential. Unitic’s integration of Veriscope shows a deep understanding of where the market is heading – towards a future where compliance enhances rather than hinders trading efficiency. This partnership recognizes India’s distinctive position in global crypto while ensuring its traders operate within a secure framework.”
The Veriscope integration will establish secure channels “for VASP counterparty discovery and information exchange, essential components of FATF Travel Rule compliance.”
User Signing capabilities will further enhance the security framework, particularly “for transactions involving non-custodial wallets.”
As the implementation progresses, both teams remain committed to maintaining the seamless trading experience “that Unitic’s users value while introducing advanced compliance capabilities that will benefit the broader ecosystem.”
As noted in the update, Unitic is a Web3 firm and like many others it claims to be “at the forefront of revolutionizing the crypto landscape in India.”
The platform currently offers trading of various cryptocurrencies and fiat pairs, including INR, with a focus on “providing a secure and user-friendly experience.”
Committed to transparency and regulatory compliance, Unitic says that it maintains strict adherence “to Know Your Customer (KYC) norms while prioritizing the safety of users’ funds and information.”
The platform reportedly features INR deposits and withdrawals, security protocols, and “responsive customer support, making it an ideal choice for both experienced traders and newcomers to the crypto space.”
As mentioned in the announcement, Veriscope, the compliance infrastructure on Shyft Network, empowers Virtual Asset Service Providers (VASPs) with the solution for “complying with the FATF Travel Rule.”
Enhanced by User Signing, it enables VASPs to directly “request cryptographic proof from users’ non-custodial wallets, streamlining the compliance process.”
Veriscope reportedly brings greater trust, robust security, increased privacy, and reliability to the crypto compliance process and is “a go-to solution for the leading virtual asset service providers worldwide.”