Malcolm Wright has been handed the role of overseeing the expansion of Veriscope, Shyft’s FATF Travel tool.
The role will also see the former BitMEX Chief Compliance Officer taking on strategy and growth for upcoming core public network products, including institutional DeFi, NFTs and The Shyft Network’s DAO.
A veteran of the blockchain industry, Wright will be joining Shyft Core, the central development team of the Shyft Network ($SHFT).
He will be responsible for the expansion of Veriscope, the open source ‘Travel Rule’ protocol built on the Shyft network, for leading strategy and growth for the upcoming ecosystem infrastructure that includes Shyft’s cross-chain institutional DeFi system and the Shyft DAO’s regulatory and compliance solutions, and more.
BitMEX to Shyft
The ex CCOhas been instrumental in global policy work and advocacy on behalf of the digital asset ecosystem, and is the founder of InnoFi Advisory – a consulting firm supporting innovation and growth in DeFi, DAOs, and NFTs.
He is currently the co-lead of the anti-money laundering (AML) working group at Global Digital Finance (GDF), a virtual asset industry body that supports policymakers to develop supportive legislation to assist the industry in its goal to understand and comply with regulation, and was a key figure in the development of open data sharing standard requirements such as IVMS101.
“I have long supported Shyft’s approach to resolving the FATF Travel Rule as one that provides the least friction for crypto firms’ customers whilst maintaining the decentralised community-driven ethos that underpins the Blockchain and crypto industries,” Wright said.
“With DeFI, DAOs, and NFTs reaching critical mass over the past 12 months, Shyft is trailblazing the way in addressing multiple challenges for financial services firms and governments that go far beyond Travel Rule.
“This is very much aligned to my own desire to provide the governance foundations upon which responsible innovators can design impactful, transformational, successful solutions.”
Joseph Weinberg, co-founder of the Shyft Network, said: “Over the last 3+ years a group of incredible individuals have been working to guide policy and educate regulators across this space. Malcolm and I were among several of that group who share a belief that decentralization and maintaining the ecosystem is critical to its foundational success.
“As Malcolm and the policy side of Shyft had already been working together, both in his capacity at BitMEX, and through policy development across regulators, bringing on Malcolm to drive this next phase of institutional development and growth was a 1+1 = 6 equation.
“We began working on Shyft Network and its public infrastructure out of a belief that we can apply the open innovations built from within the ecosystem to bridge the gap between the traditional world’s regulatory and compliance requirements, identity and decentralised economies without eroding privacy, decentralisation and openness.”
About Shyft Network
Shyft Network is a public blockchain protocol designed to aggregate and embed trust, validation and discoverability into data stored on public and private ecosystems, and both permissioned and permissionless networks. By facilitating bridging across siloed datasets, Shyft allows for layering of context on top of data, ultimately turning raw data into meaningful information.