TechFlow News — Web3 payment protocol Purple Pay has announced it is ceasing operations.
The company's co-founder, Saumya Saxena, revealed that the operating environment has become challenging as most projects today do not prioritize compliant transactions. However, Purple Pay stated it will open-source its platform, allowing anyone to continue using it and building upon it.
Purple Pay was a compliance-focused payment protocol enabling blockchain-based cross-border transactions, primarily leveraging ZK-powered decentralized identity to meet global anti-money laundering (AML) and KYC regulations.




