Binance, a global distributed ledger blockchain cryptocurrency exchange, is partnering with Oasis Labs, a data privacy software company, to launch the CryptoSafe Alliance to help combat cryptocurrency fraud.
The CryptoSafe Program is a decentralized system powered by the Oasis Network and the Oasis Labs privacy software development kit, Parcel. Alliance members will access real-time intelligence and reports on hacks, scams and other malicious incidents privately and without having to share sensitive industry or user data with competitors.
“The formation of the CryptoSafe Alliance is a representation of Binance’s commitment to building a more resilient crypto industry for everyone in the ecosystem,” said Binance Chief Executive Changpeng Zhao. “Together, we can make a concerted effort to safeguard the global cryptocurrency community through collaboration and open data sharing.”
The CryptoSafe platform will begin by supporting post-mortem analysis of anti-fraud intelligence for alliance members and combine the efforts of exchanges, blockchain protocols, cybersecurity experts and compliance firms from around the world.
It will continue to expand this expertise and provide real-time proactive fraud analysis for alliance members to fight cryptocurrency hacks, theft and laundering, as well as improve upon the industry’s standard defense against bad actors.
“With the increasing focus on security and confidentiality, the CryptoSafe Platform leverages the Oasis Network to empower exchanges and other key players in the ecosystem to share threat analysis and reports without compromising sensitive data,” said Dawn Song, founder and chief executive of Oasis Labs.
Oasis Labs already offers data privacy application programming interfaces for enterprise users to enable privacy and define data access policies. That allows them to develop privacy-preserving computing using the CryptoSafe platform using defense-in-depth in a trustless environment and ensure the protection of sensitive data.
By using Oasis in privacy-preserving computing, alliance members will be able to store and analyze sensitive data and Oasis has no visibility on the interpretation of the data.
The CryptoSafe Alliance is currently seeking new members. Organizations that would like to protect themselves from known bad actors in the crypto business can join the alliance. They will be vetted to ensure that they contribute high-quality data and remain compliant with industry standards.
Photo: Pixabay
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