Crypto payments gateway solution Transak has teamed up with Privado ID to launch a new “Reusable KYC” service aimed at improving the decentralized identity verification process. This collaboration introduces a novel method that promises to maintain user privacy without compromising on regulatory standards.
Transak and Privado ID Team Up to Simplify KYC
According to the two teams, the partnership between Transak, a crypto payments gateway, and Privado ID, a specialist in privacy-centric identity management, marks a significant step towards streamlined identity checks. Their Reusable KYC initiative allows users to undergo the KYC process once and subsequently reuse the verified credentials across multiple platforms. This approach seeks to eliminate redundant KYC submissions, thereby saving time and reducing operational costs for businesses within the blockchain ecosystem.
Transak and Privado ID’s decentralized identity verification claims to provide an innovative approach to digital security. Utilizing advanced technologies such as zero-knowledge proofs, this partnership not only aims to improve user convenience but hopes to set a new benchmark for privacy and security within the Web3 ecosystem. A noteworthy feature of Transak’s and Privado’s collaboration is the introduction of Transak’s “Proof of Uniqueness.” This innovative method ensures that each user is uniquely verified.
“This collaboration embodies the principles of decentralization by allowing users to control their own identity data,” Yeshu Agarwal, the CTO of Transak told Bitcoin.com News. “Over the years, we have built a KYC infrastructure unlike any other in the industry, and got a powerful distribution. Now, with this collaboration with Privado ID’s advanced framework, we are providing a scalable and secure solution that addresses the critical need for reliable identity verification in Web3,” Agarwal added.
Transak stated that traditionally, projects have found it difficult to distinguish between wallet holders, often encountering issues with reward distribution, such as airdrop farming where individuals exploit multiple wallets to gain unfair benefits. By employing Proof of Uniqueness, projects can accurately target humans rather than just wallets for their airdrop campaigns. The partnership aims to open new opportunities for decentralized applications, forthcoming decentralized finance protocols, and innovative blockchain scaling solutions.
What do you think about the duo’s collaboration to simplify KYC? Share your thoughts and opinions about this subject in the comments section below.