The Polymath security token platform has announced a strategic partnership with Blockpass, which offers digital identity verification solutions.

Through this partnership, Blockpass will provide a simplified identity verification solution to Polymath platform customers, simplifying user on-boarding and reducing the resources needed in the process. In fact, the goal of both companies is to simplify processes within the blockchain ecosystem and offer easy and manageable solutions for regulated entities.

Polymath is a decentralised platform that facilitates the creation and management of security tokens, providing not only the core technology but also access to the marketplace, where Blockpass will be operating as a KYC service provider.

The long-term goal is to create a multi-billion dollar market for blockchain-based securities.

Blockpass is based in Hong Kong and is a RegTech and Compliance platform that provides a digital identity verification service. The company, through its network of partners, is creating an ecosystem of pre-verified customers for “easy and seamless customer onboarding for any regulated business and industry”, as the press release explains.

Blockpass’s KYC Connect products enable businesses to implement identity verification solutions using APIs.

To achieve this it uses smart contracts and blockchain technology to be able to provide identity verification of human beings (KYC), objects (KYO) and connected devices (KYD), thus enabling the development of new applications that are based on reliable connections between human, corporate and device identities.

Polymath’s CEO, Kevin North, said:  

“We are very excited to announce our collaboration with Blockpass. This represents our continued efforts to provide Polymath issuers with access to best-in-class KYC solutions like Blockpass”.

Blockpass CEO Adam Vaziri added:

“This partnership is the latest step we have taken to streamline the painstaking and cumbersome process of onboarding investors. There are many synergies between Polymath’s proposition and our own, in that we are both striving to create simplified and compliant solutions”.