- Gateway for cryptocurrency payments solution Transak and Privado ID have joined forces to introduce a new Reusable KYC solution that aims to enhance the decentralized identity verification procedure.
- Through this partnership, a cutting-edge technique that claims to protect user privacy without sacrificing legal requirements is introduced.
Transak Collaborates with Privado ID to Streamline KYC
The collaboration between Privado ID, a privacy-centric identity management expert, and Transak, a cryptocurrency payments gateway, is considered by both teams to be a major step toward expedited identity checks.
Through their Reusable KYC program, consumers can go through the KYC procedure just once and then utilize their validated credentials on several different sites. By doing away with unnecessary KYC submissions, this strategy aims to save time and lower operating expenses for companies operating in the blockchain ecosystem.
The decentralized identity verification technology offered by Transak and Privado ID is marketed as a novel solution to digital security. Through the use of cutting-edge technologies like zero-knowledge proofs, this collaboration seeks to raise the bar for privacy and security in the Web3 ecosystem while also enhancing user comfort.
One significant aspect of the partnership between Transak and Privado is the launch of Transak’s Proof of Uniqueness. This novel approach guarantees unique verification of every user.
According to Transak’s CTO, Yeshu Agarwal, this partnership exemplifies decentralization by giving consumers autonomy over their identity data.
We have developed a KYC infrastructure over the years that is unmatched in the sector and have a strong distribution. Agarwal continued, “We are now offering a scalable and secure solution that addresses the critical need for reliable identity verification in Web3 with our collaboration with Privado ID’s advanced framework.”
According to Transak, in the past, projects have had trouble differentiating between wallet holders and have frequently run into problems with incentive distribution, such as airdrop farming, in which users use numerous wallets to obtain unfair advantages.
Projects can precisely target people for their airdrop campaigns instead of merely wallets by utilizing Proof of Uniqueness. Through this agreement, new avenues for decentralized applications, decentralized finance protocols, and creative blockchain scaling solutions will hopefully be made possible.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
