Intelligence Sharing Platform Launched By Binance And Oasis Labs For Exchanges

Binance and Oasis Labs are building a platform to encourage threat insight sharing among exchanges.

The world’s biggest cryptocurrency exchange, Binance, has collaborated with security driven blockchain-controlled cloud computing developers Oasis Labs to battle fraud in the crypto part.

Desert garden was reported as the debut part and primary infrastructure provider for the Binance-drove CryptoSafe Alliance on August 27.

Oasis Labs’ “confidential smart contracts” will be utilized in building the decentralized CryptoSafe Platform which is designed to share threat intelligence data among crypto exchanges. The CryptoSafe Platform will be powered by the Oasis Network blockchain.

The firm emphasis the requirement for the stage to empower collaborative fraud detection while guaranteeing that the information of participating exchanges is kept secret and hidden.

The platform will initially encourage private knowledge sharing, before moving to offer “real-time fraud analysis to fight cryptocurrency hacks, theft, and laundering.”

Binance’s CEO, Changpeng Zhao (CZ), encouraged crypto industry delegates to join the CryptoSafe alliance, stating:

“A collective effort and forging closer ties amongst members will better ensure the security of the global cryptocurrency community and the broader ecosystem’s integrity to achieve this common mission.”

At launch, the stage will empower trades to share intelligence concerning transactions processed on the Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and (EOS) blockchains, with plans to help extra systems before the year’s over.

According to crypto forensics firm CipherTrace, cryptocurrency fraud added up to $1.36 billion during the initial five months of 2020.