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Protocol of the Republic, the crypto-darkness ecosystem of the pool today announced a new partnership with Wyre, the payment company blockchain to bring liquidity and KYC service to RenEx. Wyre specializes in infrastructure to bridge the gap between traditional banking and digital assets. Coupling this experience with Republic's dark RenEx pool will serve as an integral tool in Wyre's OTC service.
Working together, the Protocol of the Republic and Wyre will try to usher in a new era in the dark pool trade, fusing the traditional financial infrastructure with the world of cryptographic finance.
The partnership will focus on the following areas:
- Wyre will provide liquidity to RenEx – and serves as a key liquidity partner with Wyre's OTC trading desk. By providing liquidity to RenEx, Wyre will participate in the Liquidity Incentive Program of the Republic Protocol, which consists of an income sharing agreement issued by RenEx's dark pool rates.
- Wyre will provide KYC integration services to RenEx – Know Your Customer (KYC) is a reality of compliance that the world of decentralized finance must move and we are establishing precedence by collaborating with an industry leader. Check out Wyre's recent blog that covers the importance of proactivity
- Wyre will assist in the acceptance of OTC traders in RenEx – through Wyre brokerage services. Wyre will use its existing network to ensure that OTC operators can gain visibility and access RenEx easily.
Later, Taiyang Zhang, CEO, Protocol of the Republic, said:
"Our development team has created a customized decentralized sMPC based on the research we have experimented in space that has been explicitly optimized for decentralized dark pools, and the team is continuing to push for what is possible with the Republic Protocol; a next piece of research on the uses and tools of zkSNARKS.This progress together with legacy financial institutions will open up new possibilities for both the Wyre protocol and the Republic protocol.Without the release of our Mainnet a few weeks away, we are thrilled to be part of the Wyre team on this trip. "
