Bictory will utilize the Identity Layer on the Concordium Blockchain to deliver a seamless Know Your Customer (KYC) and Anti-Money Laundering (AML) onboarding across all our platforms. It is a crucial ambition as it solves a significant headache confronting the Crypto asset exchange market.
Money laundering is a tremendous enigma worldwide. Sadly, while Cryptocurrency involves inexpensive, speedy transactions, it additionally makes Crypto plump for illegal ventures, like money laundering, tax evasion, and terrorist financing.
Therefore, regulators are establishing robust AML legislation to help curb such fraudulent activities through cryptocurrency exchanges and custodian services. Strenuous AML mechanisms involve infallible KYC methods to identify and authenticate users and rid Cryptocurrency transactions of dubious elements.
Cost of Customer Due Diligence
But, for exchanges and even wallets, this implies costly onboarding, fraught with complications, and vulnerability to data breaches. Moreover, manual KYC methods that are not scalable are unpleasant when regulation is burgeoning at a startling pace.
The time factor is also an issue for both platforms and their users, coupled with tedious processes. Sometimes customers have to wait for a stipulated period to get verified before they can transact.
In some instances, users who are from some jurisdictions don’t get to utilize some platforms because of the absence of dynamic KYC/AML tools. Hence, a more cost-effective, thoroughly compliant, faster onboarding is pretty ideal.
Concordium ID Layer
Concordium’s innovative identity layer enables users to generate a provable identity off-chain to expedite compliance with appropriate regulations while further supporting that identification to be represented on-chain in a fashion that preserves the user’s privacy.
The Concordium ID layer is notable for its secured nature. While some Blockchains adopted a total equilibrium connecting user privacy and accountability, others permit complete anonymous transactions without any responsibility, rendering them exposed to prohibited activity.
Symmetrically worrying is that while some Blockchains don’t implement true anonymity for transactions, allowing activities, and accounts tracing, they contribute no precise means to determine the real-world identity of questionable users.
Yet, Concordium submits a remedy by affording transactional privacy for users with a device that supports accountability to prevailing regulations.
This development implies that transactions can take place without exposing the identity of the sender or recipient.
Concerning encrypted transfers, it is only parties involved that can see the exact amount of transaction. In an instance where a transaction is suspicious, the user’s identity is retrievable by the appropriate government outfit with the help of anonymity revokers and identity providers.
Furthermore, if a particular real-world status is an issue of an authorized inquiry, anonymity revokers and identity providers can help track all records and transactions of that user. Accordingly, the Concordium Blockchain is in an excellent position to rectify the dilemma confronting entities with KYC/AML.
Leveraging Cordium ID Layer
At Bictory Finance, our mission is to build an ecosystem conducive for developers, liquidity providers, and traders to exchange value in a decentralized approach. Besides, our crowdfunding protocol is purposely for projects on the Concordium ecosystem to raise funds without engaging intermediaries.
KYC/AML is unavoidable in most of our interactions and activities. More imperatively, our users deserve the best environment that offers expressly smooth identification and verification.
Since Bictory is deploying on the Concordium Blockchain, we can deliver such a feature without any blemish. We will provide more convenient, timely, and hassle-free verification, harnessing the ID layer of our underlying Blockchain.
There won’t be the need to go through lengthy and worrisome KYC/AML on the Bictory platform for users who register on the Concordium Blockchain. Automatically, you can start using our exchange and launchpad without bothering about identity attestation.
Concordium’s protocol-level identity layer fits our needs to provide the best user experience in value exchange in the virtual asset market. Bictory, therefore can build a hassle-free registration and Whitelisting to ensure a great experience across our platforms.
Join Bictory Economy
Bictory is building the future today with the most dependable products and services. We are working hard to deliver high-performance and market-ready products in the Crypto space.
Don’t forget to read the Bictory Litepaper to know more about this holistic project. Kindly take the time to follow us on social media for updates about the direction we are heading.
Stay safe in these difficult times! Stay Bictory!