Shyft

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.

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

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

• Blockchain compliance software
• Travel rule compliance
• Identity verification protocol
• Cryptocurrency compliance infrastructure
• Regulatory technology software

Headquarters

HQ city

Bridgetown

HQ country

Barbados

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. 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.
2. 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.
3. 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

Core 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

Named customers11 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability3 records

Feature8 records

Partnerships

19 partnerships are on record, tiered core.

• SygnacoreTechnology or IntegrationGlobal interoperability partner for Veriscope. Enables cross-platform Travel Rule compliance data exchange.
• NotabenecoreTechnology or IntegrationGlobal interoperability partner for Veriscope. Enables cross-platform Travel Rule compliance data exchange.
• Crystal BlockchaincoreTechnology or IntegrationGlobal interoperability partner for Veriscope. Blockchain analytics and compliance data integration.
• CoinfirmcoreTechnology or IntegrationGlobal interoperability partner for Veriscope. AML and compliance platform integration.
• EndlcoreTechnology or IntegrationEndl integrated Veriscope for TR compliance, expanding the VASP compliance network.
• FincryptocoreTechnology or IntegrationIndia's first outlet exchange partnered with Shyft Network to bring Travel Rule compliance to India's digital ecosystem. Integration with Veriscope completed November 2025.
• NoworycoreTechnology or IntegrationShyft Veriscope powers compliant crypto trading with Nowory in India. Integration for FATF-compliant crypto trading.
• IN1coreTechnology or IntegrationPartnership announced September 8, 2025. IN1, a unified fintech platform, integrated Veriscope to support scalable regulatory readiness as they expand globally across 35+ countries.
• GetBitcoreTechnology or IntegrationPartnership announced May 30, 2025. GetBit, a mobile-first cryptocurrency exchange in India, integrated Veriscope for FATF Travel Rule compliance.
• InocyxcoreTechnology or IntegrationPartnership announced April 29, 2025. Strategic collaboration to reshape India's crypto landscape through compliance infrastructure.
• SunCryptocoreTechnology or IntegrationPartnership announced April 17, 2025. Collaboration to expand India's trusted infrastructure through Veriscope integration.
• UniticcoreTechnology or IntegrationPartnership announced February 12, 2025. Partnership to expand Shyft Network's presence in India's crypto market.
• CarretcoreTechnology or IntegrationIndia-based crypto platform integrated Veriscope and User Signing for FATF Travel Rule compliance through direct cryptographic proof from users' wallets.
• OmniEXcoreTechnology or IntegrationIndia-based crypto platform integrated Veriscope for FATF Travel Rule compliance.
• MudrexcoreTechnology or IntegrationIndia-based crypto platform integrated Veriscope for FATF Travel Rule compliance.
• GiottuscoreTechnology or IntegrationOne of India's leading cryptocurrency exchanges integrated Shyft Veriscope as its FATF Travel Rule solution in April 2024.
• TRUSTcoreTechnology or IntegrationIndustry consortium for Travel Rule compliance. Shyft Veriscope enables interoperability with TRUST protocol for cross-border data exchange.
• TRISAcoreTechnology or IntegrationTravel Rule Information Sharing Architecture protocol. Shyft Veriscope enables interoperability with TRISA for Travel Rule compliance data sharing.
• OpenVASPcoreTechnology or IntegrationOpen protocol for Travel Rule compliance. Shyft Veriscope enables interoperability with OpenVASP for global compliance coverage.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct 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

• Xx.com/shyftnetwork
• GitHubgithub.com/ShyftNetwork
• LinkedInlinkedin.com/company/shyftnetwork
• Facebookfacebook.com/ShyftNetwork

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds5 records

Investors14 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shyft