Astra Protocol Launches Compliance Hub in The Sandbox Metaverse

Astra Protocol, a legal and compliance layer, has announced today that it had set up a compliance hub in The Sandbox virtual world.

The press release shared with FXEmpire notes that such a branch will give metaverse users some decentralized compliance layers such as Know-Your-Customer (KYC) and Anti-Money Laundering (AML) capabilities.

Web3 and Compliance

Jez Ali, the founder of Astra Protocol, commented about the deployment of its first Compliance Hub:

“We are delighted to announce the Astra Protocol’s entry into the metaverse with our first plot in The Sandbox. The future of metaverse development will be a long-lasting and innovative mission which has already shown incredible growth and is an exciting area of Web3. By deploying the first Compliance Hub in the metaverse, we can support this growth by adding a layer of protection for users across the world.”

According to the firm, The Sandbox was tapped for the purpose because it has some “of the most desirable and exciting locations” in the metaverse.

“It is where most users are flocking to for new immersive experiences and ways of interacting with one another. With only 166,464 individual plots of land available, there is enormous competition for The Sandbox locations,” Astra stated in the announcement.

The Decentralized Legal Network (DLN) created by Astra covers around 195 countries to meet compliance requirements in several jurisdictions.

$50M Metaverse Accelerator Launching

Recently, the Ethereum-based Sandbox NFT and metaverse project has launched a $50 million accelerator program in partnership with Animoca Brands and Brinc.

According to an announcement, the incentive will invest as much as $250,000 into around 100 projects over the next three years. Leading metaverse and NFT game investor Animoca Brands and global venture firm Brinc will also be playing a part.

Top-performing projects will receive additional investments of as much as $150,000 in SAND and LAND token grants. The Sandbox Metaverse Accelerator Program is scheduled to start in Q2, 2022.