Decentralized Crypto Financial , Inc. (DeCryptoFi), in partnership with Tenica Global Solutions (TENICA) today launched a new blockchain platform dedicated to making digital assets available in compliance with all SEC and Federal Government laws and regulations, the first publicly available Know Your Customer (KYC) & Anti Money Laundering (AML) compliant blockchain. This first of its kind platform, where users can come together to utilize a full range of decentralized financial service offerings including IPO/Debt Services and Smart Contracts, built with user identity tying contracts for traditional and digital assets to financial transactions, was founded by Nicholas Scherling, a Senior Technology Executive with 20+ years of experience working in the Intelligence Community and Department of Defense.
The proprietary software, based on Ethereum, allows for fully vetted participants to utilize embedded technology that is fully compliant with KYC and AML regulations. It safeguards users—as well as public and private entities—from unintentionally or intentionally running afoul of federal regulations and a host of laws, including the USA PATRIOT Act, the Bank Secrecy Act, Counter Financing of Terrorism, Anti-Fraud and Financial Crimes, Office of Foreign Assets Control (OFAC), the Financial Crimes Enforcement Network, and the Fair and Accurate Credit Transactions Act of 2003 in their mission to thwart illegal money laundering.
“Our goal with DeCryptoFi is to leverage the power of blockchain to create an open architecture and more transparent financial system for the digital age that will ultimately revolutionize the creation and management of both traditional and digital assets,” said DeCryptoFi CEO, Nicholas Scherling. “Based on our deep experience and relationships with government agencies through TENICA Global Solutions, we strongly believe that the path to achieving that goal is by facilitating these services in a way that is inherently compliant with current regulations. That’s what we’ve built with DeCryptoFi. We’ve made it easy for anyone to build compliant financial applications on our blockchain.”
The release of the DeCryptoFi platform comes in partnership with TENICA Global Solutions, a globally renowned government contractor with over $50M+ in annual revenue, founded by Major General (ret.) Terry Scherling. During the last seven years, current COO Nicholas Scherling helped to reshape TENICA from a general consultancy practice to the high-end engineering powerhouse it is today, increasing revenues 450%.
“DeCryptoFi was born from blockchain R&D at TENICA around strengthening data provenance for our national security offerings. Essentially, we needed to modify blockchain code to remove anonymity,” said DeCryptoFi and TENICA CTO, Dr. Wesley Kaplow. “We recognized the obvious applications of this technology in Finance because it solves the direct conflict current cryptocurrencies and blockchain platforms are facing around AML & KYC, especially pertaining to DeFi. With DeCryptoFi you get all the benefits of blockchain and a fully integrated Identity solution allowing your DeFi application or company security (Stock/Debt) to inherit compliance with federal laws and regulations.”
In phase 1 of the partnership, DCF will contract with TENICA to provide services for regulatory compliance and software development to reduce costs as DeCryptoFi scales its offerings and works to be cash flow positive by the end of 2024. DeCryptoFi’s is leveraging its own technology to be the first stock (DCF) that will be issued on blockchain and is fully compliant with SEC regulations, allowing investors to purchaseClass A common stock directly on their website.
“When you buy DCF stock, you are not buying a security token that represents the stock; you are buying the stock itself,” said Scherling. “Unlike many of our competitors using security tokens to represent stock, we are not creating a layer separate from the security using a closed platform by which the public cannot see, interact, and use our blockchain (e.g., provided a token separate from user identity stored in a siloed company database). In that implementation the stock does not have all the properties and benefits of a Cryptocurrency while meeting SEC regulations, DCF does. We’re excited to be the first company to leverage the solution we’ve created and know it’s going to change the way financial services are delivered to the world.”
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