With our Pyctor acquisition from ING last year, GMEX Group is fully prepared to jump to DeFi. “We have figured out how to deploy and laid the foundations for [DeFi] — as in the rails — but have not pulled the trigger yet due to the regulatory uncertainty,” said our Chairman & CEO Hirander Misra. “A consensus driven trustless system with more transparency and automation can only be a good thing as long as KYC/KYB checks and balances are in place.”

Experts say traditional financial institutions are increasingly looking to decentralised finance solutions to power the world’s financial system. At the same time, firms want to ensure they aren’t doing business with bad actors, raising the need for customer background checks in order to remain compliant to anti-money laundering rules.

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