Bridge Is A Compliant Crypto Communication Tool That ‘doesn’t Suck’

While Telegram and WhatsApp are fine for most retail users, institutions are held to higher standards when it comes to compliant messaging apps.

As the crypto industry matures, pragmatism and common sense are slowly creeping into the idealistic, messy business of blockchain tech.

For years, crypto founders have declared that they’re reinventing the financial system. And although the focus has been on big ideas and innovative financial engineering, many crypto products and services remain off-limits to regulated organizations.

As banks, OTC desks, and institutional investors enter the space, they find the basic infrastructure of serious finance either missing, or lacking in the compliance tools that allow them to fully participate.

Telegram and X may be the preferred communication channels of the crypto native, but institutions need more than disposable messages, constant phishing attempts, and managing countless channels with eminently hackable addresses. JPMorgan was fined $200 million by regulators in 2021 for using these platforms and personal accounts, while scammers have become proficient at using them for thefts.

The Tie, a provider of institutional-class digital asset data, has set about solving the issue of secure crypto communication, integrating with systems such as Global Relay that are already used for back office compliance between financial players.

“We’ve been so busy addressing the huge pain points in the system that we sometimes forget about the basics,” said Josh Frank, CEO of The Tie. “Institutions don’t get to opt in to compliance, they don’t get to hope that the person they’re talking to in a Telegram chat is actually the person they say they are. They have rules, they have a duty to preserve, and existing comms channels in crypto were never built with those requirements in mind.”According to Frank, the new messaging solution, Bridge, addresses all the needs of institutions looking to be part of the digital asset economy.

Melvin Deng, CEO of QCP in Singapore, told Cointelegraph that “Every regulated institution operates under clear obligations - to know who they’re dealing with, to preserve records, and to ensure that communications are both compliant and auditable. In crypto, those basics have long been missing. A platform like Bridge restores that integrity. It brings the standards of institutional finance into a digital-native environment, where identity verification and compliant record-keeping aren’t afterthoughts but defau

Source: CoinTelegraph