Alkemi Network, an on-chain liquidity network, today announced the establishment of a new partnership with KYC-Chain, a compliant technology provider. By integrating the verification function of KYC-Chain, Alkemi Network can now provide a simplified entry experience for users looking for compatible DeFi solutions.
KYC-Chain provides a customer entry framework to simplify KYC/AML inspections and customer due diligence; to meet the compliance requirements of traditional financial institutions. Follow compliance integration; Participants can use Alkemi’s flagship lending agreement Alkemi Earn.
The working principle of the KYC-Chain / Alkemi Earn process is as follows:
Potential users who wish to access DeFi through Alkemi Network’s Earn application can apply for KYC approval through KYC-Chain. Once approved, the user specified Ethereum wallet address will be “allowed to be listed to connect to Alkemi Earn’s “verified” digital asset pool. Then, the user can deposit, borrow and earn ALK utility tokens as Reward for network participation.
“Cooperating with KYC-Chain not only solves the immediate compliance requirements of institutional capital, but also enables Alkemi Network to move towards the future of “decentralized compliance” through the SelfKey network. Private key The vision of providing users with privacy and access control rights for their own KYC data has always been the main factor in our choice of KYC-Chain. “
– Engin Erdogan, Alkemi Network’s ecosystem growth
The cooperation with KYC-Chain will cover two separate stages…
- The first stage. Respond to the immediate challenges and provide institutions with a compliance framework to participate in DeFi. Alkemi Network and KYC chain Designed to meet the current KYC/AML standards in the financial industry.
- second stage. To prepare for future compliance, Alkemi Network will provide users with the authority to own and control access to their own identity data through the SelfKey Network. This self-sovereign data solution will enable users to meet compliance requirements without sacrificing the privacy of their KYC data. In addition, through data portability, this infrastructure has the potential to eliminate the current need to complete separate due diligence for each platform.
Alchemy Network is Establish a liquidity network on the chain Having a set of tools and products allows everyone to participate in decentralized finance. Flagship agreement, Alkemi Earn (Earn), through a liquidity pool of mainly licensed digital assets (ETH, wBTC and stablecoins), to promote lending in a compliant environment. Earn will also provide access to the secondary, permissionless liquidity pool of digital assets during the network’s token generation activities.