Global law firm DLA Piper has announced a partnership with the blockchain firm Shyft Network aimed at beefing up data security.
The collaboration will happen through DLA Piper-backed digital asset creating platform TOKO which will be joining the Shyft Network Federation and attest any virtual asset provider (VASP) data coming through on its blockchain. DLA Piper will directly receive the VASP data to review and confirm its validity.
Acting as a node for the Shyft Network, TOKO’s role in providing verification for entities to make tokenised transactions will resemble banks operating through the global SWIFT network.
Scott Thiel, DLA Piper Partner, said: “This is a particularly exciting time in the blockchain, cryptocurrency and digital assets journey as the industry completes development of robust systems, processes and protocols that allow for a maturation on a par with fiat and digital banking.
“Working in collaboration with DLA Piper, the TOKO engine is helping to solve the inefficiencies of today’s capital markets by leveraging the best of distributed ledger technology.”
Furthermore, through the partnership between DLA Piper and Shyft TOKO also becomes a federation member for Shyft Network’s open-source Veriscope solution, meaning that parties can establish data sharing rules and meet the multi-jurisdictional requirements necessary for adhering to global standards, including the AML/KYC requirements of the FATF Travel Rule, while simultaneously adhering to GDPR and other data privacy guidelines.
New VASPs joining the Shyft Network such as crypto exchanges, financial institutions, governments and merchants will also be validated by DLA Piper.
Joseph Weinberg, co-founder of the Shyft Network, commented: “The Shyft team sets out to bridge the gap that exists in the intersection between crypto and the traditional world. In order to fully enable decentralised systems into the global economy we need trust networks across all participants in the global economy. Working alongside TOKO in collaboration with DLA Piper we are enabling the most critical verification layer for the digital economy.”