Blockpass has announced a strategic partnership with EMURGO that will bring on-chain KYC services for projects in the Cardano ecosystem.
On-chain KYC for dApps on Cardano thanks to Blockpass
Blockpass is a provider of digital identity verification, while EMURGO is a company working on Cardano, as well as its official commercial arm. The company is driving adoption of the Cardano ecosystem by providing Web3 solutions and services, including the NFT Fibo marketplace and Yoroi Wallet.
Through this collaboration, Blockpass will add Cardano addresses to its app, so it can offer on-chain KYC services to projects in its ecosystem.
Cardano uses the Ouroboros protocol, which combines several technologies to provide security and sustainability to decentralized applications, systems and companies.
Blockpass’ strategic position
Thanks to Blockpass’ compliance gateway, users will be able to create, store and manage secure digital identities, and use them across the entire Cardano ecosystem. Technically it is a SaaS (Software as a Service) with which to manage full KYC (Know Your Customer) and AML (Anti Money-Laundering) services. It also requires no integration and no installation costs.
It already has over 500,000 user profiles with verified identities, and is used by over 3,000 services, including those of Animoca Brands linked to NFT rewards, for example.
One of the key points of this service is that it can address the need for some DeFi projects to be compliant with current regulations. Blockpass is in fact developing the ability to provide KYC services that enable demonstrable verification on blockchain, but without sharing user data.
The aim is to enable verification of identity without having to provide or disclose any personal information.
Blockpass’ KYC platform thus enables companies to select requirements for customer onboarding, such as ID authentication, facial recognition, address checking, AML monitoring and screening of sanctions lists, politically exposed persons (PEPs) and adverse media.
EMURGO founder and CEO Ken Kodama said:
“A significant shift is underway towards a Web3 world with decentralized applications running and being developed on Cardano’s blockchain technology, particularly in the DeFi and NFT space. As these applications grow their communities and bring more users to the Cardano ecosystem, there will also be a need over time for certain projects and enterprises to offer quick and easy KYC services on their applications for their users to access regulated industries. As a founding entity of the Cardano blockchain, EMURGO is committed to ensuring decentralized applications on Cardano have the tools readily available to enhance compliance when necessary.”
Blockpass CEO Adam Vaziri added:
“We’re always happy to have the opportunity to bring our unique KYC and AML solutions to a new ecosystem, and we’re particularly delighted to partner with EMURGO and Cardano for these purposes. Cardano is a revolutionary blockchain and we’re proud to have been chosen by EMURGO to provide identity verification needs for Cardano’s ecosystem with our revolutionary On-Chain KYC.”