Electroneum becomes the first cryptocurrency in the world to integrate the Know Your Customer (KYC) identification system. All mobile-based cryptocurrency users must submit their data by Monday, November 12.
Electroneum Founder Richard Ells stated: “Today marks the third time Electroneum has broken new ground in the cryptocurrency world. We were the world’s first mobile cryptocurrency, we developed the world’s first cryptocurrency instant payment API and today we are the world’s first KYC-compliant cryptocurrency.”
According to him, the KYC integration will make it possible to prove to potential and existing partners that Electroneum is used only for legal actions. To authenticate, users will need to provide evidence based on the amount of ETN, the Electroneum digital currency, that they store or send from their wallets.
Electroneum has partnered with RegTech Yoti and will use the Yoti digital identification application on its platform. This application will allow users to pass KYC verification as quickly as possible, without having to enter the data every time.
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