NFT

Cardano Integrated On-Chain KYC To Be Compliant With Regulations


Cardano integrated on-chain KYC policies to be compliant with the regulators in collaboration with the industry’s primary identity verification resource so let’s read more in today’s latest Cardano news.

Blockpass is a digital identity verification provider that partnered with various crypto wallets and exchanges whcih started offering KYC services to the Cardano branch EMURGO. Cardano-based addresses will be added to the BLockpass app and projects that can be accessed on-chain if needed in order to comply with regulators after Cardano integrated on-chain KYC policies.

Positioned as the axis of the Cardano system, the EMURGO branch is responsible for developing the community’s NFT marketplace Fibo and Yoroi Wallet but its subsidiaries as well Emurgo ventures are dedicated to investing in Cardano-based startups. EMURGO’s CEO Ken Kodama revealed in a press release that using Blockpass’ help, the collaboration of the project will bring optimized 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 more projects are getting developed on the Cardano blockchain and that the ecosystem Is moving to an emphasis on the DEFI and NFT space, with enterprises residing on top of it as one point that will have to offer faster and easier KYC services on their applications for the users to access regulated industries. When it comes to the KYC services eroding the nature of blockchain, Blockpass uses other examples of working with the blockchain game giant Animoca trying to defend its endeavors in safeguarding the merits of crypto.

Hoskinson Explains, cardano, vasil, hard fork
Charles Hoskinson, IOHK Founder

The company said it is developing the ability to provide KYC where the delivery and the verification are sent and shown ont the blockchain without having to share the data. Blockpass CEO Adam Vaziri thinks that the company’s on-chain KYC is quite revolutionary and capable of changing how blockchain technology enables complaince. The founder of Cardano Charles Hoskinson projected to expand the blockchain footing in Africa and only supported the importance of the NFT revolution and the DEFI boom that is bringing in new projects.

As recently reported, the University of Zurich and Cardano Foundation announced a three-year-long collaboration to bolster blockchain research and education. The organization’s research topics will include protocol efficiency and Ouroborus attack vectors. The first provably secure PoS protocol Ouroborus is the name of the consensus mechansim.

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