Sumsub's Travel Rule SDK Cuts Crypto App User Drop-Offs by 35%

Sumsub unveiled its Travel Rule SDK, aiming to tackle compliance challenges faced by Virtual Asset Service Providers. The SDK integrates with platforms, reducing user abandonment by 35% by simplifying regulatory processes globally.

Sumsub, co-founded by Vyacheslav Zholudev, focuses on verification solutions. The new SDK enables platforms to stay ahead of evolving regulations, offering high pass rates and improved user experience for crypto applications.

“With the Travel Rule solution Sumsub offers, crypto companies can enjoy high pass rates, stay ahead of regulatory changes, and be fully prepared for new compliance standards.”

Industry players report increased onboarding efficiency due to the SDK’s seamless integration. VASPs find the enhanced compliance measures beneficial, promising improved user engagement and retention across crypto platforms.

The SDK is interoperable with various compliance networks, bolstering its utility across many cryptocurrency exchanges. Analysts view this as a crucial tool for decentralized finance sectors facing regulatory scrutiny.

Preceding solutions like Sygna and TRISA faced adoption hurdles. Sumsub’s SDK builds on these, offering improved compatibility and reduced friction for compliant crypto transactions.

Kanalcoin notes that while past solutions faced integration challenges, Sumsub’s approach potentially marks a turning point in crypto compliance efficiency, encouraging wider industry adoption.