Blockpass provides on-chain KYC utility for digital asset lending
On-chain KYC specialist Blockpass has partnered with EasyFi Network – a scalable, open and inclusive Layer 2 DeFi lending protocol for digital assets, built on Matic Network.
The partnership features a powerful use case for on-chain KYC data via a network consisting of Blockpass, Chainlink, Matic and EasyFi, enabling the realisation of decentralised and compliant lending and borrowing of digital assets over public networks.
EasyFi is a protocol built to solve some of the inherent challenges faced by the first generation of DeFi solutions with respect to transaction speeds and costs which create a bottleneck when operating at scale. Its secure protocol aims to cover all manner of bases, including micro-lending, under-collateralised loans, credit delegation, credit default swaps and more. Enabling lower cost transactions, a deeper liquidity pool and real-world integrations, EasyFi hopes to be the catalyst for the mass adoption of DeFi.
Blockpass is a digital identity verification provider which offers a one-click compliance gateway to financial services and other regulated industries. Through Blockpass, users can create, store, and manage a data-secure digital identity that can be used for an entire ecosystem of services, token purchases and access to regulated industries. For businesses and merchants, Blockpass is a comprehensive KYC & AML SaaS that requires no integration and no setup cost. You can set up a service in minutes, test the service for free and start verifying and on-boarding users.
"2021 has gotten off to a promising and rapid start with the revelation of on-chain KYC. We're incredibly excited to be seeing such amazing use cases for the technology before the end of the first month is even up," says Adam Vaziri, CEO of Blockpass. "We're really looking forward to working with the team at EasyFi, who are just as passionate about creating useful, simple and compliant solutions in this space; this is just the beginning of the on-chain KYC revolution!"
Ankitt Gaur, Founder & CEO, EasyFi Network, says: "We are very excited to see the vision of "Identity Quad" coming to reality where Identity is managed by one participant (Blockpass), relayed by another (Chainlink), enabled by third pillar (Matic) and offered for consumption by (Easyfi) leading to adoption. In an attempt to achieve the above we are very happy to be partnering with Blockpass and looking forward to working with them to deliver seamless on-chain identity solutions to our layer 2 lending protocol. Our collaboration moves a needle toward under-collateralisation and uncollateralised loans which are part of our endeavour to make DeFi users to do more with their Digital Assets thus fitting our #DoMoreWithDeFi vision perfectly."
Blockpass has grown significantly in size and use since its inception, both in the number and range of users and organisations it has partnered with, and the scope of its work. Blockpass continues to develop its digital identity protocol with updates and additions to improve the compliance experience. The existential need for DeFi projects to be regulatory compliant and the recent integrations with Chainlink and Matic have led to a surge in interest for Blockpass' On-chain KYC(TM) solution.