Shyft
Shyft Network is a blockchain protocol offering Veriscope, a FATF Travel Rule compliance solution for cryptocurrency exchanges and VASPs, enabling cryptographic-proof-based identity verification and cross-platform data exchange across 40+ exchanges and 25+ countries.
- Company typePrivate
- Founded2017
- HeadquartersBridgetown, Barbados
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Shyft does
Shyft Network Inc., incorporated in Barbados and founded in 2017, is a public blockchain protocol designed to validate identity and embed regulatory compliance directly into blockchain data. Its core product, Veriscope, is a FATF Travel Rule compliance solution that enables Virtual Asset Service Providers (VASPs) — primarily cryptocurrency exchanges — to securely verify and share originator and beneficiary information through cryptographic proof rather than centralized databases, with automated VASP discovery triggered by wallet addresses and a User Signing extension for non-custodial wallet compliance. The protocol stack also includes the Byfrost bridge for cross-chain asset interoperability via zero-knowledge proofs, Shyft Safe smart contracts, the Shyft Wallet with enhanced PKI, Reputational Merit Scoring, and Data Attestation Attribute Tags, all operating on the SHFT native token (2.52B total supply, 21 independent nodes).
The company monetizes through B2B subscription or usage-based fees on Veriscope, transaction-style data exchange fees on the protocol layer, and token utility. Go-to-market is API-first with an open developer portal, supported by direct enterprise sales targeting exchanges and VASPs globally, with a notable India-focused channel-partner push in 2024-2025 that has produced integrations with GetBit, Giottus, Fincrypto, Nowory, Inocyx, SunCrypto, Unitic, Carret, OmniEX, Mudrex, and others. Strategic interoperability partnerships with Sygna, Notabene, Crystal Blockchain, Coinfirm, TRUST, TRISA, and OpenVASP position Veriscope as a hub across competing Travel Rule frameworks.
The customer base spans over 40 exchanges and VASPs representing more than 50% of global volume, processing 2.5M+ daily transactions across 25+ countries. The company operates with a lean, remote, work-from-anywhere team of 11-50 employees led by CEO Bruce Silcoff and co-founders Joseph Weinberg and Kris Coward. Reported funding includes a $15M round in January 2020 led by Inovia Capital, with no disclosed ownership structure or recent large funding events.
Shyft firmographics
Firmographics- Name
- Shyft
- Legal name
- Shyft Network Inc.
- Website
- https://shyft.network
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Shyft Network is a blockchain protocol offering Veriscope, a FATF Travel Rule compliance solution for cryptocurrency exchanges and VASPs, enabling cryptographic-proof-based identity verification and cross-platform data exchange across 40+ exchanges and 25+ countries.
- Ownership category
- akta.pro rank
Shyft industry classification
Industry- Product category
- Blockchain Compliance Software
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting) (FSAPAIAH)
- akta.pro secondary industries
- Compliance Identity & KYC/KYB for Wallets (on-chain identity, reusable KYC, travel rule tooling) (FSAPACAL), Digital Asset Risk, Security & Audit Tooling (Smart Contract Audit, Threat Monitoring) (FSAGAMAJ)
Keywords
Where Shyft is headquartered
LocationHeadquarters
- HQ city
- Bridgetown
- HQ country
- Barbados
Offices1 record
Markets served
Shyft business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure
Revenue model
- SHFT Token Utility: SHFT is the network's native token serving as fuel for the network. It incentivizes data exchange, rewards Trust Anchors and Data Owners for sharing attested information, and powers various network operations.
- Veriscope Compliance Services: B2B subscription or usage-based fees for Veriscope FATF Travel Rule compliance solution. The company offers FREE Travel Rule consultation plus first month Veriscope FREE as a customer acquisition strategy.
- Data Exchange Fees: Data Consumers pay small fees to Data Owners and Trust Anchors in exchange for attested information when requesting data from the network.
Go-to-market motion3 records
Distribution channels4 records
Marketing channels10 records
Shyft product offering
Product offeringCore offering
Shyft Network operates a public blockchain protocol that validates identity and powers regulatory compliance directly into blockchain data. Its primary product, Veriscope, is a FATF Travel Rule compliance solution that enables Virtual Asset Service Providers (VASPs) to securely verify and share originator/beneficiary information through cryptographic proof rather than centralized data exchange. The platform also offers cross-chain bridging (Byfrost), smart contracts (Shyft Safe), a PKI-enhanced wallet, and the SHFT utility token, all serving VASPs, exchanges, fintech platforms, and government entities globally.
Product overview
Shyft Network is a public blockchain protocol designed to validate identity and power compliance directly into blockchain data. The platform operates as a unified ecosystem consisting of Veriscope (the core FATF Travel Rule compliance solution), User Signing (for non-custodial wallet compliance), Byfrost (cross-chain bridging technology), Shyft Safe (multi-chain smart contracts), and the Shyft Wallet (with enhanced PKI). The SHFT token fuels network operations and incentivized data exchange. Together, these products enable secure transfer of verifiable data between centralized and decentralized ecosystems while maintaining user privacy.
Differentiator
Problem solved
Functional benefit
Brands
- Veriscope: The only frictionless FATF Travel Rule compliance solution, enabling VASPs to securely verify and share user data through cryptographic proof.
- Shyft Wallet
Products and services
- Veriscope Primary FATF Travel Rule compliance solution enabling Virtual Asset Service Providers (VASPs) to securely verify and share originator and beneficiary user data through cryptographic proof. Includes automated VASP discovery via crypto wallet address analysis, privacy-first peer-to-peer architecture, and interoperability with the TRUST, TRISA, and OpenVASP protocols.
- Byfrost (Shyft Bridge) Shyft's bridging technology operating as an internal network of servers functioning as an attestation engine that ensures data availability and synchronization. Enables interoperable, cross-chain asset transfer and management using zero-knowledge proofs.
- Shyft Safe A collection of smart contracts deployed across different blockchains that enables asset transfer and interoperability. These smart contracts communicate with the Shyft Bridge to facilitate cross-chain asset management.
- Shyft Wallet A cryptocurrency wallet with enhanced Public Key Infrastructure support, providing time locks, allowance controls, password management, and secondary two-factor authentication functionality.
Quantifiable outcome
- Surpassing 2.5M daily transactions with 40+ exchanges and VASPs representing over 50% of global volume
- +2 more outcomes
Companies that use Shyft
Customer profileNamed customers11 records
Segments4 records
Ideal customer profiles4 records
Shyft technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
AI capability3 records
Feature8 records
Shyft partnerships and signals
Strategic signalPartnerships
19 partnerships are on record, tiered core.
- SygnacoreGlobal interoperability partner for Veriscope. Enables cross-platform Travel Rule compliance data exchange.
- NotabenecoreGlobal interoperability partner for Veriscope. Enables cross-platform Travel Rule compliance data exchange.
- Crystal BlockchaincoreGlobal interoperability partner for Veriscope. Blockchain analytics and compliance data integration.
- CoinfirmcoreGlobal interoperability partner for Veriscope. AML and compliance platform integration.
- EndlcoreEndl integrated Veriscope for TR compliance, expanding the VASP compliance network.
- FincryptocoreIndia's first outlet exchange partnered with Shyft Network to bring Travel Rule compliance to India's digital ecosystem. Integration with Veriscope completed November 2025.
- NoworycoreShyft Veriscope powers compliant crypto trading with Nowory in India. Integration for FATF-compliant crypto trading.
- IN1corePartnership announced September 8, 2025. IN1, a unified fintech platform, integrated Veriscope to support scalable regulatory readiness as they expand globally across 35+ countries.
- GetBitcorePartnership announced May 30, 2025. GetBit, a mobile-first cryptocurrency exchange in India, integrated Veriscope for FATF Travel Rule compliance.
- InocyxcorePartnership announced April 29, 2025. Strategic collaboration to reshape India's crypto landscape through compliance infrastructure.
- SunCryptocorePartnership announced April 17, 2025. Collaboration to expand India's trusted infrastructure through Veriscope integration.
- UniticcorePartnership announced February 12, 2025. Partnership to expand Shyft Network's presence in India's crypto market.
- CarretcoreIndia-based crypto platform integrated Veriscope and User Signing for FATF Travel Rule compliance through direct cryptographic proof from users' wallets.
- OmniEXcoreIndia-based crypto platform integrated Veriscope for FATF Travel Rule compliance.
- MudrexcoreIndia-based crypto platform integrated Veriscope for FATF Travel Rule compliance.
- GiottuscoreOne of India's leading cryptocurrency exchanges integrated Shyft Veriscope as its FATF Travel Rule solution in April 2024.
- TRUSTcoreIndustry consortium for Travel Rule compliance. Shyft Veriscope enables interoperability with TRUST protocol for cross-border data exchange.
- TRISAcoreTravel Rule Information Sharing Architecture protocol. Shyft Veriscope enables interoperability with TRISA for Travel Rule compliance data sharing.
- OpenVASPcoreOpen protocol for Travel Rule compliance. Shyft Veriscope enables interoperability with OpenVASP for global compliance coverage.
Scale indicators8 records
Recent moves6 records
Expansion highlights6 records
Shyft competitors and assessment
Company assessmentDirect peers
- Notabene: Notabene is a leading FATF Travel Rule compliance platform serving VASPs and crypto exchanges globally. It is one of the closest direct competitors to Shyft's Veriscope, offering originator/beneficiary data exchange with similar enterprise onboarding, and is also listed as a Shyft interoperability partner.
- Sygna: Sygna provides a global Travel Rule compliance hub used by VASPs across APAC and beyond. It is a direct competitor to Veriscope for VASP-to-VASP data exchange and is simultaneously a Shyft interoperability partner for cross-platform Travel Rule data flows.
- Coinfirm: Coinfirm offers AML and compliance tooling for crypto businesses, including Travel Rule-adjacent capabilities. It is a direct competitor in blockchain compliance and AML analytics and is also integrated with Shyft Veriscope for global interoperability.
- Crystal Blockchain: Crystal Blockchain provides blockchain analytics, AML, and compliance tools used by VASPs and regulators. It is a direct competitor in crypto compliance intelligence and is listed as a Shyft interoperability partner for Travel Rule data exchange.
- TRM Labs: TRM Labs is a blockchain intelligence platform for AML, sanctions screening, and Travel Rule compliance used by VASPs and financial institutions. It competes with Shyft in serving crypto exchanges with compliance infrastructure, though its primary focus is on-chain analytics rather than Travel Rule data exchange.
- VerifyVASP: VerifyVASP is a Travel Rule messaging network for VASPs enabling counterparty information exchange. It is a direct competitor to Shyft's Veriscope in the Travel Rule data exchange layer, particularly strong across Asian and Middle Eastern markets.
Broad incumbents
- Chainalysis: Chainalysis is a dominant blockchain analytics and compliance vendor serving governments, financial institutions, and crypto businesses. As a broad incumbent, it offers overlapping compliance capabilities to Shyft's value proposition but at a much larger scale and across a wider portfolio of analytics, investigation, and KYT products.
- Elliptic: Elliptic provides blockchain analytics and crypto compliance solutions for exchanges, financial institutions, and regulators. It overlaps with Shyft's compliance infrastructure for VASPs but operates as a broader incumbent across multiple compliance use cases beyond Travel Rule.
- Sumsub: Sumsub is a leading identity verification and KYC/AML platform that has expanded into crypto compliance. As a broader incumbent, it overlaps with Shyft's identity and compliance offerings for VASPs while serving a much wider customer base across fintech, gaming, and other regulated industries.
Emerging players
- Civic: Civic provides decentralized identity verification tools that can support KYC, AML, and compliance workflows for crypto and Web3 applications. It is an emerging player with meaningful overlap to Shyft's identity and wallet-signing capabilities but is more focused on reusable digital identity than VASP Travel Rule compliance.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Shyft social profiles
Digital presenceShyft compliance and trust
Trust signalCompliance1 record
Shyft financial estimates
Financial estimateRevenue estimate
Valuation estimate
Shyft leadership team
Management profileNumber of profiles
Profiles6 records
Shyft funding detail
Funding detailFunding overview
Funding rounds5 records
Investors14 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Shyft M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Shyft
What does Shyft do?
Shyft Network operates a public blockchain protocol that validates identity and powers regulatory compliance directly into blockchain data. Its primary product, Veriscope, is a FATF Travel Rule compliance solution that enables Virtual Asset Service Providers (VASPs) to securely verify and share originator/beneficiary information through cryptographic proof rather than centralized data exchange. The platform also offers cross-chain bridging (Byfrost), smart contracts (Shyft Safe), a PKI-enhanced wallet, and the SHFT utility token, all serving VASPs, exchanges, fintech platforms, and government entities globally.
Is Shyft a public or private company?
Shyft is a private company. It is classified as venture growth investor backed and is currently operating.
When was Shyft founded?
Shyft was founded in 2017. It employs 11 to 50 people.
Where is Shyft based?
Shyft is headquartered in Bridgetown, Barbados.
How does Shyft make money?
Three revenue lines are on record. SHFT Token Utility is the primary driver. The others are veriscope Compliance Services and data Exchange Fees.
Who are Shyft's main competitors?
Direct peers on record are Notabene, Sygna, Coinfirm, Crystal Blockchain, TRM Labs and VerifyVASP. Broad incumbents are Chainalysis, Elliptic and Sumsub. Civic is listed as an emerging player.
Does Shyft have an API?
Yes. Shyft Network offers an open API for developers. The Developer Portal was mentioned as available in Spring. Developers can build smart contracts using familiar programming languages, with certain contracts facilitating KYC/AML checks for cross-jurisdictional regulators. Developer documentation is at www.shyft.network/ecosystem#technology.
What industry is Shyft in?
Shyft's product category is Blockchain Compliance Software. Its primary akta.pro industry code is FSAPAIAH, Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting), with a secondary code of FSAPACAL, Compliance Identity & KYC/KYB for Wallets (on-chain identity, reusable KYC, travel rule tooling). Its NAICS code is 522320 and its SIC code is 6200.