Newrl’s mission is to have DeFi for mass adoption

CXOToday ran an exclusive interview with Newrl’s founder, Mr Swapnil Pawar.

1. Tell us about the launch of Newrl. What problem does the company want to solve?

Newrl is a Layer 1 blockchain built as a “trust network” for mainstream DeFi – with a focus on financial inclusion. Newrl’s mission is to have DeFi for mass adoption, which is difficult for current blockchain infrastructure due to anonymity and lack of accountability.

2. What is your unique selling proposition at Newrl? How will your partnership with MOVEM benefit consumers?

Newrl is a decentralized trust network – a social map of identifiable real-world individuals and small businesses. It’s like: WhatsApp meets Ethereum meets Schufa

• a decentralized social network that allows you to trade values
• as well as work together decentrally and
• changes your trust score based on the honesty of your behavior
• Key Differentiators of Newrl –
  a. identity
  b. attention
  c. social chart
  i.e. No-code DAOs, DEXes and liquidity pools

About our partnership with MOVEM –
With this partnership, Newrl aims to increase the number of users and transactions across the chain. With the total market size for remittances being $100 billion and 90% of transactions from the US to India, NRIs working overseas could save a significant amount of the money they send home. the expectation for every 1000 INR is a savings of at least 40 INR. Thus, this will not only regulate the erratic trend of money flow into the country, but also smooth the FDI flow curve, which in turn will stabilize the economic cycle in the Indian market. In addition, the solution is KYC based and all parties are known to the application and are available to regulators for verification if needed. The entire process is digital and users must follow basic security practices while using an internet banking application.

3. Tell us about your recently launched KYC solutions. How to remove anonymity and allow compliance on public blockchains?

The solution is built in such a way that companies don’t necessarily need to integrate the KYC solution into their own application, freeing them from security concerns. Users themselves are responsible for maintaining KYC records and information in their database for frequent and easy access.

The information is readily available to existing and new businesses by prompting users to grant temporary “view-only” access. Even from a consumer perspective, the process has been simplified as they don’t need to verify their KYC multiple times. No other blockchain currently enforces chain-level KYC norms. Due to their libertarian foundation, starting with Bitcoin, most public blockchains are built on the premise of anonymity. While this avoids censorship, it also opens these chains to abuse by money launderers and terrorist financiers.

Newrl is addressing concerns by embedding digital fingerprints of KYC documents (referred to as “hashes”) for each wallet within it, along with information about the owner’s jurisdiction. The wallet owner must use either a centralized authentication service or a non-custodial wallet application to ensure the authenticity of the KYC documents. However, actual documents and information such as name and tax number are not public. In this way, Newrl manages to maintain privacy while ensuring compliance with KYC/AML norms.

4. There are reports that India is set to finalize its stance on cryptocurrency legality by Q1 2023. What do you think about this topic?

We see it as a welcome change for the whole community, which has been in the gray area for a while. Whatever the consensus, as long as it properly defines the structure and allows for changes via feedback mechanisms after a trial market run, we believe it can make India one of the leaders in global cryptocurrency/blockchain domains.

In order to ensure that the markets are not shocked into a hard landing, it is necessary to have some leading figures on the board who understand the New Age development and can develop an appropriate legal structure around them. That being said, we’re also eagerly awaiting the Indian government’s final stance, and as we’ve mentioned, Newrl is already ahead of the curve in terms of compliance for its on-chain KYC and other AML capabilities.

5. What role does technology play in your company?

Newrl as a layer 1 blockchain is heavily dependent on new age technology and we welcome the change. But we also keep an eye on the real-world applications of these technologies and how we can connect them to our traditional use cases so that a maximum number of people can reap these benefits. This sets Newrl apart from its competition. We’re not blindly running to upgrade, we want the entire community to benefit from each incremental upgrade.

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