22 Apr Cardano Integrates On-Chain KYC in Compliance With Regulations
Blockpass, a digital identity verification provider partnering with various crypto wallets and exchanges, has started offering KYC services to Cardano’s commercial arm, EMURGO. Cardano-based addresses will be added to the Blockpass App, and projects can directly access on-chain KYC services, if needed, to comply with regulatory requirements.
Positioned as the axis of the Cardano ecosystem, EMURGO is responsible for developing the community’s NFT marketplace Fibo, Yoroi Wallet, and its subsidiaries EMURGO Ventures, dedicated to investing in Cardano-based startups and projects.
EMURGO’s CEO Ken Kodama revealed via a release that tapping Blockpass as its collaborator is the project’s latest move toward optimizing KYC requirements.
“As a founding entity of the Cardano blockchain, EMURGO is committed to ensuring decentralized applications on Cardano have the tools readily available to enhance compliance when necessary.”
The CEO added that as more projects are getting developed on the Cardano blockchain and the ecosystem is shifting towards an emphasis on DeFi and NFT, enterprises residing on top of it at one point may need to offer “quick and easy KYC services on their applications for their users to access regulated industries.”
When it comes to the KYC services potentially eroding the decentralized nature of blockchain technology, Blockpass used its previous example of working with the blockchain game giant Animoca as a defense for its endeavors in safeguarding the merits of cryptocurrencies.
The company said it is “developing the ability to provide KYC where the delivery of the verification result is provably sent and shown on a blockchain without sharing the underlying data.”
Blockpass’s CEO Adam Vaziri believes that the firm’s on-chain KYC is “revolutionary,” capable of changing how blockchains enable compliance.
As reported by CryptoPotato last December, Charles Hoskinson, the founder of Cardano, projected to expand the blockchain’s footprints in Africa and emphasized the importance of the NFT revolution and the DeFi boom continually bringing in new projects.
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