Prove Ownership for Solana Addresses with Phantom and AOPP

With the latest update to the AOPP Portal, VASPs now have added support for customers using Phantom to transact Solana-based assets, allowing for wallet ownership verification before processing a transaction. 

Supporting Solana Assets in Phantom

Phantom is one of the most widely used wallets in the Solana ecosystem, giving users a simple way to hold and manage Solana-based assets.

For VASPs, however, accepting transactions from a self-hosted wallet can require additional checks. Depending on the applicable regulatory framework and the VASP's internal compliance policies, the VASP may need to establish that the customer actually controls the wallet involved in the transaction.

The AOPP Portal addresses this requirement by providing a simple way for customers to demonstrate control of their self-hosted wallet.

With support for both Solana and Phantom, 21 Analytics now enables Phantom wallet owners to generate a cryptographic proof demonstrating ownership of their Solana assets.

How Phantom Wallet Verification Works

After a customer has initiated their transaction via their exchanges’s dashboard, a unique proof is requested. The customer then follows the instructions to connect their Phantom wallet and prove ownership of the relevant Solana assets.

Once the verification is completed, the proof is automatically returned and recorded in the 21 Travel Rule software, and the compliance team can view the proof in the 21 Travel Rule Compliance Dashboard.

Why AOPP Simplifies Self-hosted Wallet Verification for VASPs and Customers

Self-hosted wallets are an important part of the crypto ecosystem, but they can create a compliance challenge for VASPs.

When a customer wants to deposit assets from or withdraw assets to a self-hosted wallet, the VASP needs a reliable way to establish who controls the wallet and apply its relevant compliance controls.

Traditional verification methods can create friction for both the customer and the compliance team. Satoshi Tests are time consuming and costly, a manual process may require additional communication, screenshots or other forms of evidence, making transactions slower and more difficult to manage at scale.

The AOPP Portal provides an alternative where the customer can prove control of their wallet through a dedicated verification flow, while the VASP receives verifiable proof that can be recorded within its compliance workflow.

This helps VASPs meet compliance obligations while keeping the customer experience as simple as possible.

Extensive Multi-chain Support via AOPP

Phantom support for Solana-based assets are the latest additions to the AOPP Portal's growing multi-chain support.

The AOPP Portal also supports digital assets native to Bitcoin, Ethereum, Binance Chain, TRON, Polygon, Avalanche, Gnosis, Arbitrum and Optimism, and over 540 wallets covering over 2800 digital assets, allowing VASPs to apply a consistent approach to self-hosted wallet verification across multiple blockchain ecosystems.

For VASPs operating across different networks, this means they do not need to create a separate verification process for every blockchain or asset they support.

Streamline Self-Hosted Wallet Verification with 21 Travel Rule 

As regulatory requirements around crypto transfers and self-hosted wallets continue to develop, VASPs need practical ways to integrate compliance into everyday transactions.

Supporting Phantom wallet verification for Solana assets gives VASPs another way to do this.

Customers can continue using a familiar wallet, while VASPs can obtain the proof they need through an established compliance workflow.

With 21 Travel Rule, self-hosted wallet verification is automated, verification records are kept within their compliance dashboard and customers are supported across multiple blockchain networks.

Learn how you can implement AOPP today, reach out to the team to see Phantom and Solana in practice.