Merkle Science, a predictive web3 risk and intelligence platform, today announced a partnership with Polarys, providers of membership-based NFTs to businesses and individuals seeking to engage with web3 and blockchain for the first time. The partnership will serve to prevent fraud and comply with AML/CFT regulations using behavior-based transaction monitoring and risk reporting solutions. It will also identify suspicious transactions beyond the blacklists and respond immediately.
The NFT market has grown at an exponential rate fueled by increased public demand, and the technology’s proliferation in numerous industries including art; music, gaming, sports, retail, film, and many more. The booming industry generated over $23 billion in trading volume in 2021, compared to just $94.9 million in 2020.This expanded NFT risk mitigation offering from Merkle Science was created to support clients in the NFT sector, and is a direct response to the rise in NFT-related crime.
Fernando Castellanos, Chief Revenue Officer Merkle Science, said: “As one of the first European-compliant utility NFT marketplace, Polarys has demonstrated its commitment to complying with laws, policies and regulations within relevant jurisdictions. This partnership is announced during a crypto regulatory paradigm shift, with global regulators continuing to define their expectations of web3 participants operating in their jurisdictions.”
Merkle Science is uniquely placed to help clients navigate this rapidly evolving regulatory landscape. For Polarys, partnering with Merkle Science before regulatory scope is extended to NFTs is in line with its mission to provide a trusted one-stop-shop for businesses looking to safely deploy blockchain-based capabilities for the first time.
Selin Suntay, CEO of Polarys said: “Merkle Science’s next-generation risk mitigation capabilities and firm grasp of the crypto-native infrastructure needed to address regulatory challenges and compliance within the web3 ecosystem makes it an ideal partner for Polarys as it prepares to onboard new users to the space.”
The announcement of the partnership with Merkle Science comes as Polarys prepares to launch the Polarys Swap tool: the first fiat onboarding tool on the Metis network to enable users to buy Metis token with a credit card. This tool aims to enhance crypto adoption and attract new users to the ecosystem.