Solutions
Solutions
The Problem: Cryptotheft
Crypto theft is rampant in the freewheeling frontier of Decentralized Finance. Cryptocurrency-based crime hit a new all-time high in 2021, with illicit addresses receiving $14 billion over the course of the year, up from $7.8 billion in 2020.
The Problem: Cryptotheft
Crypto theft is rampant in the freewheeling frontier of Decentralized Finance. Cryptocurrency-based crime hit a new all-time high in 2021, with illicit addresses receiving $14 billion over the course of the year, up from $7.8 billion in 2020.
The Solution: KillSwitch™
Theft from crypto wallets is increasing and the losses are staggering. A few companies have attempted to address this challenge by creating alert systems that notify wallet holders when unauthorized transactions take place. Alerts are important, but they may not be fast enough and they can’t automatically stop theft of funds. We’re different. The Praxxas KillSwitch™ secures your crypto wallet with a dead-man trigger smart contract system that automatically moves your crypto to a separate wallet when an unauthorized transaction takes place. This keeps your crypto secure while alerting you about the unauthorized transaction.
The Solution: KillSwitch™
Theft from crypto wallets is increasing and the losses are staggering. A few companies have attempted to address this challenge by creating alert systems that notify wallet holders when unauthorized transactions take place. Alerts are important, but they may not be fast enough and they can’t automatically stop theft of funds. We’re different. The Praxxas KillSwitch™ secures your crypto wallet with a dead-man trigger smart contract system that automatically moves your crypto to a separate wallet when an unauthorized transaction takes place. This keeps your crypto secure while alerting you about the unauthorized transaction.
The Problem: KYC
Blockchain protocols, while akin to the modern-day crypto wild west, are still expected to maintain international laws and report appropriately. While few laws have been adopted yet to oversee the legal aspects around managing a blockchain, governments around the globe are currently immersed in countless studies on how to best wrap their oversight arms around DeFi.
While some DeFi apps may have individually already performed a form of validation on a customer’s wallet, there is no current standardized way for DeFi apps to integrate in the relative seamless fashion we propose, nor is there a KYC solution that integrates with ALL the customer’s wallets, regardless of what their blockchain home is.
The Problem: KYC
Blockchain protocols, while akin to the modern-day crypto wild west, are still expected to maintain international laws and report appropriately. While few laws have been adopted yet to oversee the legal aspects around managing a blockchain, governments around the globe are currently immersed in countless studies on how to best wrap their oversight arms around DeFi.
While some DeFi apps may have individually already performed a form of validation on a customer’s wallet, there is no current standardized way for DeFi apps to integrate in the relative seamless fashion we propose, nor is there a KYC solution that integrates with ALL the customer’s wallets, regardless of what their blockchain home is.
The Solution:
InTrust KYC™
Our second solution is InTrustKYC™, a blockchain-based customer onboarding product that allows verification across multiple blockchains and applications. InTrustKYC™ is designed to complement KillSwitch™ and is planned for launch in Q4 of 2023 (or more rapidly with additional investment).
- Most KYC solutions for crypto are limited to insights provided from customer disclosures. We’re different.
- Unlike other market providers, InTrustKYC is native to the blockchain and can aggregate data across platforms.
- Our product is also supported by our proprietary risk assessment methodology and vendor-provided commercial due diligence tools.
The Solution: InTrust KYC™
Our second solution is InTrustKYC™, a blockchain-based customer onboarding product that allows verification across multiple blockchains and applications. InTrustKYC™ is designed to complement KillSwitch™ and is planned for launch in Q4 of 2023 (or more rapidly with additional investment).
- Most KYC solutions for crypto are limited to insights provided from customer disclosures. We’re different.
- Unlike other market providers, InTrustKYC is native to the blockchain and can aggregate data across platforms.
- Our product is also supported by our proprietary risk assessment methodology and vendor-provided commercial due diligence tools.
