Fortress Embeddable NFT & Crypto Wallet embraces compliance to protect customers
LAS VEGAS, 18 August 2022 /PRNewswire/ — Fortress Blockchain Technologies announced today that it has added the Web3 industry’s first sanctions screening and compliance layer to an embedded wallet for NFTs, fungible reward tokens and cryptocurrency. This creates the world’s first integrated wallet that protects businesses and their users against bad actors, terrorist financing and money laundering without intrusive personal identity requirements on users.
NFT marketplaces, crypto exchanges, production studios, sports agencies and other Web3 innovators are increasingly aware of their role and responsibility to reduce not only fraud on their platforms, but also their services used for illegal activities that include terrorist financing, money laundering, sanctions evasion and the enabling of financial crime.
With the Fortress Embeddable Wallet, crypto exchanges, NFT marketplaces, metaverses, Web3 projects and corporate brands can now breathe a sigh of relief as Fortress screens over 1,000 sanctions and enforcement lists, including OFAC, EU, Canada, and other global jurisdictions. Fortress also continuously scans against watchlist updates as well as all incoming and outgoing transactions against blacklists and known “bad actor” third-party wallets.
“NFTs, just like other things of value, are recognized by federal and state governments as a way for money launderers and other bad actors to potentially defraud consumers and the financial system. Fortunately, regulatory guidance is clear and we can build technology into wallets to deter and defeat this type of activity,” said Kevin Lehtiniitty, co-founder and CTO of Fortress Blockchain Technologies.
“The responsibility to ensure your services comply with the regulations should not be taken lightly,” said Albert ForknerCEO of Fortress Trust and the former Banking Commissioner (WY) and Chairman of the Conference of State Bank Supervisors, “as everyone from Fortune 500 companies to FinTechs to startups leverage Web3 to deliver new experiences and power new products they need to unlock their regulatory obligations to avoid being seen as complicit in criminal activities. Our services relieve them of this pressure and get the job done.”
The Fortress NFT and crypto wallet can be securely embedded into any firm’s proprietary web and mobile apps. This enables businesses, nonprofits, and government organizations of all sizes to securely leverage blockchain technology for the tokenization of documents, contracts, event tickets, health records, securities, music, film, and other electronic forms.
About Fortress Blockchain Technologies Inc.
Fortress Blockchain Technologies is purpose-built to create the financial, regulatory and technological infrastructure for the rapidly growing Web3 space. This includes built-in NFT and crypto wallets, secure coining engines, encrypted vaults for non-public content and financial services for payments, compliance and settlement. Fortress Trust Company is a wholly owned subsidiary of Fortress Blockchain Technologies and is a full retail business Nevada– chartered financial institution. For more information, visit fortress.xyz or contact us at [email protected]
SOURCE Fortress Blockchain Technologies
