Alkemi Network, an on-chain liquidity network, today announced a new partnership with compliance technology provider, KYC-Chain. With the integration of KYC-Chain authentication features, the Alkemi Network can now provide a streamlined onboarding experience for users seeking a DeFi compliant solution.
KYC-Chain offers a customer onboarding framework that streamlines KYC / AML checks and customer engagement; meet the compliance requirements of legacy financial institutions. Follow -up integration; participants can use Alkemi’s flagship loan and loan lending, Alkemi Earn.
The KYC-Chain / Alkemi Earn process works as follows:
Prospective users wishing to access DeFi through Alkemi Network’s Earn application can apply for KYC approval through KYC-Chain. Once approved, the selected Ethereum wallet address user is ‘allowed to be listed’ to connect to Alkemi Earn’s ‘Verified’ pool of digital assets. You can deposit, borrow and get tokens with the ALK utility as rewards for joining the network.
“The KYC-Chain partnership not only addresses the immediate compliance requirements of institutional capital, but also puts Alkemi Network on a fast track to the future of“ decentralized compliance ”through the SelfKey Network… The KaugalingonKey the vision for empowering users with privacy and access controls for their own KYC data was a key factor in our decision to choose KYC-Chain. ”
– Engin Erdogan, Growing the Alkemi Network Ecosystem
The KYC-Chain collaboration will include two separate phases.
- The first stage addressed the immediate challenge and provided institutions with a compliant framework to participate in DeFi. The joint effort of the Alkemi Network and KYC-Chain aims to satisfy the current financial industry standard for KYC / AML.
- The second phase The Alkemi Network is being prepared for future compliance, where users will own and control access to their own identity data through the SelfKey Network. This self -contained data solution will empower users to meet compliance requirements without sacrificing the privacy of their KYC data. In addition, by bringing in data, this infrastructure has the potential to eliminate the current need to complete different diligence assessments for each platform.
The Alkemi Network is building an on-chain liquidity network with a suite of tools and products that serve as an on-ramp for everyone to participate in decentralized finance. The main protocol, Alkemi Kumita (Earnings), facilitates internal lending and lending in a compliant environment through a primarily allowable liquidity of digital assets (ETH, wBTC, and stablecoins). Revenue also provides access to a secondary, unauthorized liquidity pool of Token Generation Event digital assets on the network.