Martin Cole
Key Takeaways
– Sardine’s new product, Insights, aims to provide a real-time, comprehensive view of an entity’s risk based on its history of transacting with cryptocurrencies, digital assets, and conventional bank products and services.
– The demand for moving money between traditional finance and decentralized finance is growing, but there are significant visibility gaps that fraudsters can exploit.
– Insights provides users with real-time risk scores, reputation levels, and device and behavioral intelligence for any applicable entity through an API.
– Sardine’s rapid customer growth and funding news demonstrate the increasing importance of bridging the gap between traditional finance and decentralized finance.
– The goal is to improve collaboration, accelerate the development of tools, and provide better protection for shared customers in the financial services industry.
Introduction
In today’s rapidly evolving financial landscape, the intersection of traditional finance and decentralized finance has become a focal point for innovation and growth. As more consumers, businesses, and entities embrace blockchain-based services, the need for seamless integration and risk management between these two systems has become increasingly apparent. Sardine, a leading provider of fraud, compliance, and instant payment solutions, has recognized this need and has introduced a groundbreaking product called Insights.
The Growing Demand for Integration
The demand for moving money between traditional finance (TradFi) and decentralized finance (DeFi) is on the rise. Consumers and businesses are seeking the benefits of blockchain technology, such as faster transactions, lower fees, and increased transparency. However, the lack of integration and information sharing between these two systems has created significant visibility gaps that fraudsters can exploit.
The Rise of Crypto Fraud
In 2021, the total losses due to crypto fraud reached a staggering $680 million, marking a 520% increase from the previous year. This alarming trend highlights the urgent need for better risk management and enhanced collaboration between traditional finance and decentralized finance. Sardine’s Insights aims to address this issue by providing users with real-time risk scores, reputation levels, and device and behavioral intelligence for any applicable entity.
Breaking Down the Silos
Insights is designed to bridge the data gaps between financial institutions, fintechs, and crypto companies. By providing a comprehensive view of an entity’s risk based on its history of transacting with cryptocurrencies, digital assets, and conventional bank products and services, Insights enables better risk management and increased access to all segments of financial services. This integration between TradFi and DeFi will not only strengthen risk management but also foster innovation and collaboration in the financial services industry.
Accelerating Innovation and Collaboration
Sardine’s rapid customer growth and recent funding news demonstrate the increasing importance of bridging the gap between traditional finance and decentralized finance. The company recently raised $51.5 million in Series B funding, which will be used to further develop and expand its product offerings in the crypto payments and NFT checkout space. This investment highlights the industry’s recognition of the need for tools and solutions that address the challenges of integrating traditional finance and decentralized finance.
Protecting Shared Customers
By improving collaboration and accelerating the development of tools, Sardine aims to provide better protection for shared customers in the financial services industry. Insights will enable financial institutions, fintechs, and crypto companies to make more informed decisions, mitigate risks, and enhance the overall security of their operations. This increased protection will not only benefit the industry as a whole but also instill confidence in consumers and businesses that their financial transactions are secure and reliable.
Conclusion
Sardine’s introduction of Insights marks a significant step towards bridging the gap between traditional finance and decentralized finance. By providing real-time risk assessment and comprehensive intelligence, Insights enables better risk management, increased collaboration, and enhanced protection for shared customers. As the demand for integration between TradFi and DeFi continues to grow, Sardine’s innovative solutions will play a crucial role in shaping the future of the financial services industry.
