VANCOUVER, November 18th, 2020 - Covalent is delighted to be integrating with AllianceBlock, a decentralized, blockchain-agnostic layer 2 that bridges traditional and decentralized finance and automates the process of converting any digital or crypto asset into a bankable product.
Covalent and AllianceBlock will provide mutual support for one another. Not only will AllianceBlock be providing Covalent access to financial data that will come from its protocol and ecosystem, but Covalent will serve as one of the preferred data partners. As a result, any application that wants to plug into the AllianceBlock Protocol and needs blockchain data will be using Covalent. This presents a significant opportunity given the ecosystem AllianceBlock is building in the mission to bridge the gap between TradFi and DeFi.
The AllianceBlock Protocol will be comprised of three distinct layers to facilitate multidirectional dynamic data flow in a traceable, accountable, and regulated manner compliant with global, national, and local jurisdictions. Digital asset data will, of course, flow throughout and Covalent will be the primary provider through its enterprise-grade API. This will significantly enhance AllianceBlocks platform through the following features:
AllianceBlock will have access to Covalent’s API which will be leveraged to build products such as regulated digitized derivatives and investment terminals.
Parties coming from traditional finance into the decentralized finance world will have access to granular, historical data that will provide insight into the various aspects of this new domain.
Traders will be able to export their trading data with full historical context which will allow benchmarking of investor performance and record-keeping as evidence for tax purposes.
As part of both the ‘eligibility, assessment and admission’ aspect for issuers and ‘digital identity’ aspect for traders, Covalent will act as an additional data source that will validate the actions of wallets to ensure they are not used for illegal purposes, like money laundering, or any other suspicious activities.
Quote from Ganesh, Covalent’s CEO
Quote from Rachid, AllianceBlock CEO
AllianceBlock is building the first globally compliant decentralized capital market. The AllianceBlock Protocol is a decentralized, blockchain-agnostic layer 2 that automates the process of converting any digital or crypto asset into a bankable product.
Incubated by three of Europe’s most prestigious incubators: Station F, L39, and Kickstart Innovation in Zurich, and led by a heavily experienced team of ex-JP Morgan, Barclays, BNP Paribas, Goldman Sachs investment bankers, and quants, AllianceBlock is on the path to disrupt the $100 trillion securities market with its state-of-the-art and globally compliant decentralized capital market.
Covalent provides a unified API to bring full transparency and visibility to assets across all blockchain networks. Covalent’s proprietary technology enables a “no-code” solution that solves a vast array of use-cases for wallets, exchanges, custodians and taxation amongst others. The API allows easy access to data that is normalized, unified and granular.