Sygna Bridge is a secure data exchange solution that enables VASPs to privately share all required transmittal compliance data. This article covers considerations when choosing Sygna Bridge as a Travel Rule messaging protocol provider.
How does Sygna Bridge work?
Sygna Bridge establishes a privacy-secure tunnel for VASPs to share FATF R.16-required originator and beneficiary transmittal information, supporting all compliant virtual assets.
Sygna Bridge’s alliance network of trusted VASPs can share obligatory Personally Identifiable Information (PII) with transaction counterparts without compromising user privacy or safety.
After passing a compliance check, Sygna issues each VASP a unique identity shortcode, which helps exchanges:
- identify each other when transacting
- verify the origin of transactions
- choose whether to accept or reject any incoming transfers
The process is automated, and every message sent between VASPs is paired with a corresponding signature to ensure data integrity.
Is Sygna Bridge a Travel Rule solution or protocol?
Sygna Bridge is a protocol.
Is Sygna Bridge an open-sourced industry alliance network, a closed network, or a commercial solution?
Sygna Protocol is a closed network. Companies can apply to join and may be accepted if they meet specific criteria.
Is Sygna Bridge a fully integrated Travel Rule solution provider?
Sygna Bridge is a Travel Rule messaging protocol that connects to a single vendor, CoolBitX.
Is Sygna Bridge complex to integrate?
Yes. Integrating Sygna Bridge requires significant changes to the front-end and back-end.
How does VASP due diligence work on Sygna Bridge?
It is currently unclear how VASP due diligence works on Sygna Bridge.
What are the steps to implementing Sygna Bridge?
Due to many unknowns, we cannot create a proper list of implementation to-dos. We will update this page when we have a better picture.
What is Sygna Bridge’s governance model?
As a closed solution, a single body governs Sygna Bridge.
Does Sygna Bridge support non-custodial wallets?
Sygna Bridge does not support communication with non-custodial wallets.
Is Sygna Bridge live?
Sygna Bridge is live and in production.
Is there industry support for Sygna Bridge?
Sygna Bridge has a good response from regulators, alongside excellent initial support from VASPs located in Asia.
What is Sygna Bridge’s membership fee structure?
The membership fee structure is currently unknown.
Does Notabene support Sygna Bridge?
Notabene plans to integrate Sygna Bridge in 2022.
What are the benefits of using Sygna Bridge?
- A simple API architecture and standards
- VASPs are assigned a dedicated VASP code and granted API access
- Privacy-secure tunnel to share originator/beneficiary PII with other VASPs
- A compliance certificate is issued post-transaction, cryptographically linking both transaction parties
- A secure privacy design
- Uses well-understood public/private key encryption to protect transaction details
- Sygna Bridge does not have access to any private data throughout the process
- Broad asset coverage: Synga Bridge supports any virtual asset
What are the drawbacks of using the Sygna Bridge?
- Closed network solution: Sygna Bridge is centered around a single vendor, which will cause interoperability issues in the long run.
Has there been a testnet using Sygna Bridge?
There has been no mention of a Sygna Bridge testnet. However, developers can send test transactions to Sygna’s Robot VASP.
Sygna | Bridge API