Alkemi Community, an on-chain liquidity community, at present introduced a brand new partnership with the compliance know-how supplier, KYC-Chain. With the combination of KYC-Chain’s verification options, Alkemi Community can now supply a streamlined onboarding expertise for customers in search of a compliant DeFi answer.
KYC-Chain presents a buyer onboarding framework that streamlines KYC/AML checks and buyer due diligence; assembly the compliance necessities of legacy monetary establishments. Following the compliance integration; members can use Alkemi’s flagship borrowing and lending protocol, Alkemi Earn.
The KYC-Chain/Alkemi Earn course of works as follows:
Potential customers wishing to entry DeFi via Alkemi Community’s Earn utility can apply for KYC approval via KYC-Chain. As soon as accepted, the user-nominated Ethereum pockets handle is ‘permit listed to connect with Alkemi Earn’s ‘Verified’ pool of digital property. Customers can then deposit, borrow and earn ALK utility tokens as a reward for community participation.
“Partnering with KYC-Chain not solely addresses the fast compliance necessities of institutional capital; but additionally places Alkemi Community on a quick monitor to the way forward for “decentralized compliance” via the SelfKey Community…The SelfKey imaginative and prescient for empowering customers with privateness and entry controls for their very own KYC information has been a significant component in our determination to decide on KYC-Chain.”
– Engin Erdogan, Ecosystem Growth at Alkemi Network
The collaboration with KYC-Chain will cowl two separate phases…
- First section. Addresses the fast problem and offers establishments with a compliant framework to take part in DeFi. The mixed efforts of Alkemi Community and KYC-Chain goal to fulfill the monetary trade’s present standards for KYC/AML.
- Second section. Prepares Alkemi Community for the way forward for compliance, the place customers will personal and management entry to their very own identification information by way of the SelfKey Community. This self-sovereign information answer will empower customers to satisfy compliance necessities with out sacrificing the privateness of their KYC information. Moreover, via information portability, this infrastructure has the potential to get rid of the present want to finish separate diligence checks for each platform.
Alkemi Community is building an on-chain liquidity network with a set of instruments and merchandise that function on-ramps for everybody to take part in decentralized finance. The flagship protocol, Alkemi Earn (Earn), facilitates borrowing and lending inside a compliant atmosphere by way of a major permissioned liquidity pool of digital property (ETH, wBTC, and stablecoins). Earn can even supply entry to a secondary, permissionless liquidity pool of digital property on the community’s Token Era Occasion.