Shyft Network is excited to announce that Giottus, one of India's leading cryptocurrency exchanges, has integrated Shyft Veriscope as its FATF Travel Rule Solution. Giottus' decision to choose Shyft Veriscope proves once again that Veriscope is one of the most trusted and effective Travel Rule Solutions among VASPs worldwide.
This strategic partnership establishes Veriscope, the Shyft Network’s one-of-a-kind compliance technology solution, as a leader in the secure exchange of personally identifiable information (PII) for frictionless Travel Rule compliance. The collaboration is timely, aligning with India's new crypto regulatory measures, which include the FATF Travel Rule that the country implemented in 2023.
As an entity already reporting to India’s Financial Intelligence Unit and an Alliance of Reporting Entities for AML/CFT (ARIFAC) member, Giottus must take a more efficient approach to Travel Rule compliance, and Veriscope facilitates this with its streamlined and automated system.
Moreover, by adopting Veriscope, Giottus is positioned advantageously over other Indian VASPs, which may still rely on manual means to collect Travel Rule information, such as Google Forms and email. These traditional methods are less efficient and user-friendly compared to Veriscope's automated and privacy-oriented approach.
Speaking about Giottus' integration with Shyft Veriscope, Zach Justein, Veriscope co-founder, said:
“Giottus' integration of Veriscope as its Travel Rule Solution demonstrates the unique advantages it offers to VASPs with its state-of-the-art compliance infrastructure for seamless FATF Travel Rule compliance. This is a significant development for the entire crypto ecosystem, as with this integration, both Veriscope and Giottus are setting a new standard for unwavering commitment to safety, transparency, and user experience."
Vikram Subburaj, Giottus CEO, too, welcomed this development, noting:
“Since its inception in 2018, Giottus has been at the forefront of innovation and compliance in the Indian VDA space. Our partnership with Veriscope is timely and pivotal to establish us as part of a global compliance network and to strengthen our offering to all Indian crypto enthusiasts. We believe that collaboration and data exchange are crucial in shaping the future of this industry and are thankful to Veriscope for integrating us. We look forward to driving a positive change in the Indian VDA ecosystem.”
Overall, we expect our collaboration with Giottus to yield positive outcomes not only for Giottus and Shyft Veriscope but also for India's crypto ecosystem. This partnership sets a new precedent for the country’s VASPs, as they can now comply with the FATF Travel Rule effortlessly while continuing with their privacy and user-friendly developments.
Giottus, with over a million users, is a customer-centric, all-in-one crypto investment platform that is changing the way Indian investors trade their virtual digital assets. Giottus aims to shed barriers that arise from the complexity of the asset class and the need to transact in English. We focus on building a simplified platform that is vernacular at heart. Investors can buy and sell crypto assets on Giottus in eight languages, including Hindi, Tamil, Telugu, and Bengali. Giottus is currently India’s top-rated crypto platform as per consumer ratings on Facebook, Google, and Trustpilot.
Veriscope, the compliance infrastructure on Shyft Network, empowers Virtual Asset Service Providers (VASPs) with the only frictionless solution for complying with the FATF Travel Rule. Enhanced by User Signing, it enables VASPs to directly request cryptographic proof from users’ non-custodial wallets, streamlining the compliance process.
For more information, visit our website and contact our team for a discussion. To keep up-to-date on all things crypto regulations, sign up for our newsletter and follow us on X (Formerly Twitter), LinkedIn, Telegram, and Medium.
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