As published on cointelegraph.com, Wedesday December 18, 2019.
A “cost-effective and developer-friendly” blockchain platform has unveiled a series of strategic partnerships that deliver “powerful applications with limitless possibilities” to consumers and enterprises alike.
On Nov. 27, it was announced that WORBLI will offer “compliance as a service” — otherwise known as CaaS, for short — through a collaboration with Agenix. The partnership is designed to reduce the time and expense that companies face as they try to satisfy mandatory regulations in their jurisdictions.
Explaining the hurdles that face companies in the fintech arena, WORBLI explained how operating financial products that lack Anti-Money Laundering measures and Know Your Customer checks can result in serious fines and penalties. To compound the problem, the cost of establishing and maintaining a viable compliance framework can run into many hundreds of thousands of dollars — stifling progress and diverting startups from the thing they do best: innovating.
When the partnership was announced — with Agenix itself being made up of some of WORBLI’s founding members — WORBLI CEO Domenic Thomas said: “Compliance is a headache for every company, especially those operating in the finance sector. Our compliance as a service will dramatically reduce costs surrounding this, allowing a new wave of innovators to enter the space, who wouldn’t have been able to before. We’ve essentially removed a significant barrier to entry for a lot of entrepreneurs.”
The CaaS offering was launched on the back of another partnership between WORBLI and resource exchange Chintai, which was announced earlier this month.
Chintai has created a platform for security token offerings — a custom front-end portal for all types of distribution, including STOs, auctions, etc. A wide variety of utility and STO projects needing to address their compliance duties will benefit from the new partnership between Chintai and WORBLI. Among those gearing up to deploy through the new platform are a portfolio management company, an exchange and a tokenized real estate provider. The potential client base is as diverse as the industry itself.
In its push to take its rightful market share, WORBLI is also joining forces with TokenOro, a global gold mining project run by a team of seasoned business, mining and commodity professionals. With its CaaS capability, WORBLI enables TokenOro to expand their liquidity base and ensure a more cost-effective and wide-reaching distribution.
WORBLI, which stands for World Blockchain Initiative, attempted to explain where it envisages its role in the blockchain industry in a recent blog post on Medium. While unveiling a new rebranding, the company said that its identity, goals and vision have evolved over the past two years — extending beyond its initial aspiration to become a compliant chain. The authors of the blog compared this to a bottomless bowl of stew, where fresh ingredients are continually added to build new meals.
As reported by Cointelegraph back in September, the company says its protocol gives companies and developers the chance to create tokens that place an emphasis on compliance — reducing the risk of ineligible investors and consumers from making a purchase. This practice, known as “geofencing,” was described at the time as a game-changer for the industry, ensuring crypto assets are only transacted in particular regions and enabling startups to respect the laws of the jurisdictions where they operate.