Binance and Oasis Labs Create a Solution to End Crypto Fraud

Binance and Oasis are working together to create a platform where information about threat intelligence can be shared quickly among crypto exchanges.

Binance is regarded as the biggest crypto exchange in the world while Oasis Labs is a blockchain-based cloud computing developer that uses a privacy centric approach. The two firms want to put an end to crypto fraud.

Oasis is also on the front burner of Binance’s CryptoSafe Alliance. With its “confidential smart contracts,” the CryptoSafe platform will be formed and with it, information can be shared with other exchanges just like in a decentralized setting. The Oasis Network blockchain will be used to create the CryptoSafe Platform.

It is expected that even though different exchanges will be included on the platform, their data should still remain non-public.

The first solution to be launched on the platform is private intelligence sharing. After that, it will advance to provide “real-time fraud analysis to fight cryptocurrency hacks, theft, and laundering.”

The CEO of Binance, Changpeng Zhao (CZ) wants as many crypto proponents as possible to join hands and make CryptoSafe a success:

“A collective effort and forging closer ties amongst members will better ensure the security of the global cryptocurrency community and the broader ecosystem’s integrity to achieve this common mission.”

The platform will start with the ability to share intelligence report about Bitcoin (BTC), Tron (TRX), Ethereum (ETH), and Eos (EOS). Other currencies will come on board towards the end of the year.

The need for CryptoSpace has been necessitated by the increase in cryptocurrency fraud. According to CipherTrace crypto forensics firm, crypto fraud that happened from January to May 2020 alone ripped investors $1.36 billion.

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