Waves Platform announced on 07 May about its partnership with KYC provider and identity management system Blockpass to introduce KYC Connect to the Waves Platform.
Waves Platform is one of the fastest blockchain infrastructures with practical solutions for end users, businesses and developers. The need can be varied from storing to exchanging tokens or trading swiftly and securely.
Waves headlined that this embrace would provide seamless and transparent tools for businesses to add Know Your Client (KYC) support to their Waves services. Waves noted that as developers continue to build innovative services and applications, KYC plays a crucial role to ensure compliance. However, for smaller and independent developers, securing the right service can be difficult or costly. Blockpass solves this problem with low-cost and custom tools.
Waves founder and CEO Sasha Ivanov cited –
“As KYC, KYD and KYO are essential parts of decentralised solutions for the regulated industries that are required for any application aiming for mass adoption, we are now partnering with Blockpass and integrating its KYC Connect, one of the leading solutions to provide shared regulatory compliance services.”
Sasha added that the Waves team keeps endeavors to develop the platform while focusing on the features and instruments. Such requests are made by the community and required for the effective development of decentralized applications. Waves stated on the uniqueness of the offer emphasizing that traditional KYC procedures are riddled with security lapses. Blockpass adopts a different approach to ensure that the user stays in control of their personal information.
Waves clarified that as soon as the technical integration of Blockpass KYC Connect with Waves is complete, a special PASS token would be provided to all Waves users. Users can then verify their identity by downloading the Blockpass mobile application. Next, they have to submit the required documentation and receive the relevant certificates. After scrutiny, users can submit this information to the respective Waves service by scanning the code.
Last month, Binance, the largest cryptocurrency exchange by trading volume announced about its partnership with CipherTrace, a blockchain security company. Binance’s partnership with CipherTrace was well-timed and comes similar to a partnership with IdentityMind on KYC compliance.
Blockpass CEO Adam Vaziri expressed that this development is novel for Blockpass while implementing the KYC feature on a platform like Waves. Adam continued by adding that Blockpass could offer a much more comprehensive service in the domain of asset trading. He finally stated that Waves is a platform fostering Web 3.0, and identity would definitely be the core area that supports decentralization.