Blockchain ecosystem Waves has entered into a partnership with KYC provider and identity management system Blockpass to enhance KYC procedure.
As developers continue to build out new services and applications, KYC functionality is vital to ensure safe, compliant adoption, states the official announcement that was published on Medium blog.
Waves Founder & CEO Sasha Ivanov says since KYC, KYD and KYO are essential parts of decentralized solutions for the regulated industries that are required for any application aiming for mass adoption, Waves is now partnering with Blockpass and integrating its KYC Connect, "one of the leading solutions to provide shared regulatory compliance services."
Thanks to the Blockpass app, which supports both Android and iOS devices, users can create, store and manage a data-secure digital identity.
Earlier, ORS CryptoHound conducted research, concluding that financial institutions have no other choice but to redesign the existing rules and procedures of KYC, AML & Risk Management due to the blockchain tech.
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