The Universal KYC Solution Comes to Investment Platform for Professionals

Guest Author | May 25, 2018 | 10:00 pm
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The Universal KYC Solution Comes to Investment Platform for Professionals

Guest Author | May 25, 2018 | 10:00 pm

Blockpass, which offers users a service to pass a one-time “Know-Your-Customer” procedure for usage in a variety of blockchain services, has announced that it will be integrating its solution into BnkToTheFuture, a global platform for professional investors. Blockpass has a fully functional application released for iOS and Android and has announced several major partnerships in recent weeks. The company will hold a Token Distribution Event of its own PASS tokens starting May 31, 2018.

The blockchain industry is becoming increasingly regulated with governments implementing new rules, and anti-money laundering (AML) compliance is becoming a standard for token distribution. The General Data Protection Regulation (GDPR) has gone into effect in the European Union on May 25, signifying the consumer need for greater data protection regulation. There is a growing demand for the improvement of KYC procedures across blockchain companies.

Meanwhile, current identity solutions are usually not easy to use because users have to go through a complicated authentication procedure for each new service. User data is stored in centralized third-party databases, which makes it vulnerable to external incursions. To solve these issues, the Blockpass has released a universal identity application for both users and services to make the KYC procedure easier, safer, and cheaper.

Blockpass mobile application features

Blockpass has released its app for Android and iOS that removes the need for users to repeatedly go through complicated identification procedures. Instead, users just need to create a profile, submit their documents and digital identity to service providers to pass a one-time KYC verification, and then they will be able to access Blockpass-enabled services, sign crypto-asset transactions, and access third-party DApps.

All third-party services that use Blockpass as their identity solution are listed in the app’s special section, separated into two groups: those for which the user has provided sufficient information to onboard, and those for which the user needs to provide more information before proceeding.

Service providers may also perform additional verification checks with the help of certificates. When a user meets certain requirements, an issuer can push a certificate to the Blockpass user, who must then either review and accept the certificate content before it is added to his profile or reject the certificate.

Services utilizing Blockpass can also integrate one-click verification through a QR code on the website. Upon scanning a code, the Blockpass app prompts the user to submit any necessary profile information necessary to gain access.

The app is designed to meet global KYC, AML, and GDPR requirements.

New partners

A new milestone for Blockpass is its partnership with BnkToTheFuture, a platform that allows qualifying investors to invest in financial innovation including fintech companies, funds, and other alternative financial products. BnkToTheFuture conducts rigorous KYC checks and will integrate the Blockpass Identity app as a method of automating and streamlining the customer onboarding process as well as achieving greater cost efficiency.

“This partnership is another step made by Blockpass in delivering seamless, efficient and effective KYC verification to businesses and financial service providers in the blockchain ecosystem”, said Blockpass CEO Adam Vaziri.

“The more control and the easier it is to share required data securely with us in a way still compliant with our regulatory requirements, the better”, said Simon Dixon, CEO and Co-Founder of BnkToTheFuture.

Blockpass recently announced its collaboration with the AgeChecked project, which will allow their users to access age-restricted goods and services or sign legal documents without having to provide their personal information. Among other Blockpass partners are Infinity Blockchain Labs, Myki password manager, and Holdex ICO platform.

PASS token

Blockpass will issue the PASS token with the function to obtain a discount on Blockpass verification services. PASS tokens are so-called “KYC tokens,” meaning that in order to transfer a token to another party, the token holder must first undergo a Blockpass KYC check.

The initial PASS Token Distribution Event will take place between May 31 and November 30, 2018.

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

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