Blockchain technology companies AllianceBlock and Flare are integrating technologies to expand the ecosystem

AllianceBlock, a blockchain technology company looking to bridge the gap between decentralized finance (DeFi) and traditional finance, has announced a partnership with fellow blockchain technology company Flare.

Flare claims that its Layer 1 innovation technology or blockchain protocol can bring smart contracts to cryptocurrencies like Ripple (XRP), Dogecoin (DOGE), Bitcoin (BTC), Algorand (ALGO) and Stellar Lumens (XLM). In addition, Flare is also a decentralized oracle network designed to enable blockchains to access real data while executing smart contracts.

Meanwhile, AllianceBlock brings its cross-chain interoperability solution AllianceBridge, its native decentralized exchange or DEX called AllianceBlock DEX, the decentralized peer-to-peer funding protocol from AllianceBlock Fundrs, and its regulation and compliance solution. Together, the two sides are trying to improve their blockchains for DeFi skills by using each other’s technologies.

When asked about DeFi and regulatory compliance services, Rachid Ajaja, Co-Founder and CEO of AllianceBlock, told Cointelegraph:

“Given the growing interest of traditional funding in DeFi, AllianceBlock’s compliance and regulatory layer will enable traditional organizations to access opportunities in DeFi in a variety of ways, including:

Ajaja further explains that the company’s regulatory and compliance products automatically check for non-compliant transactions prior to each transaction. Alternatively, they can add such rules to smart contracts that run on decentralized applications or DApps to ensure that crypto exchanges and financial institutions stay up to date with the latest regulations.

Hugo Philion, Co-Founder and CEO of Flare, said the following about the capabilities of the network:

The Flare ecosystem is being developed to “unlock” the value inherent in 65% of blockchains without native smart contracts by introducing the trustless use of these tokens in contracts for the first time.

He continued the company’s partnership with AllianceBlock:

“Communities that were previously trapped in the smart contract revolution are now actively contributing to this area. With this exciting partnership and the integration of AllianceBlock into Songbird, the Flare ecosystem can now help unlock the value of traditional finance by providing access to decentralized finance. “