A group of major crypto companies, led by Circle and Coinbase, introduced a digital identity protocol Thursday designed for blockchains, which would comply with “know-your-customer” requirements in traditional finance while giving users control over their personal information.
The system, called Verite, is “designed to enable individuals to have self-sovereign control over their identity” while offering “very strong KYC assurances,” Circle CEO Jeremy Allaire told Protocol. “You can think of it like an identity token in their wallet” which can be used to “interact with these networks.”
Verite underlines the crypto industry’s heightened focus on following established financial services regulations.
The rollout comes a day after another group of crypto companies, also including Coinbase and Circle, said they are building a system called TRUST which would enable its members to comply with the Treasury Department’s Travel Rule, which requires information about big financial transactions to “travel” with the movement of funds.
Continue reading: https://www.protocol.com/fintech/verite-crypto-kyc
The system, called Verite, is “designed to enable individuals to have self-sovereign control over their identity” while offering “very strong KYC assurances,” Circle CEO Jeremy Allaire told Protocol. “You can think of it like an identity token in their wallet” which can be used to “interact with these networks.”
Verite underlines the crypto industry’s heightened focus on following established financial services regulations.
The rollout comes a day after another group of crypto companies, also including Coinbase and Circle, said they are building a system called TRUST which would enable its members to comply with the Treasury Department’s Travel Rule, which requires information about big financial transactions to “travel” with the movement of funds.
Continue reading: https://www.protocol.com/fintech/verite-crypto-kyc
