Qtum and Blockpass are working together to make client KYC regulations easy and inexpensive to deal with. Qtum was the first open-source platform to combine Bitcoin with Ethereum’s smart-contract functionality, and Blockpass is a leading on-chain Know Your Customer (KYC) compliance organization.
As more companies want to enter the digital currency space, the cost of KYC compliance is becoming a bigger issue. While the technologies involved in entering the crypto space are falling, the regulations that govern the industry are growing.
With this new partnership, Qtum will be able to subsidize Blockpass’s services, which makes it much easier for anyone who uses the platform. The costs and technical hurdles associated with KYC regulations are substantial, and may even keep a company from entering the decentralized currency space altogether.
Qtum is Working to Create an Inclusive Industry
The need for new solutions in the KYC industry is growing. Most DeFi platforms are created to maintain user privacy, which isn’t a great thing for companies that are required to perform KYC/AML procedures.
Jordan Earls, who is the co-founder of Qtum, commented,
“Rather than hinder innovators who are seeking to stay compliant while enabling new technologies, the Qtum Foundation would like to support those builders by backing Blockpass’ expansion to the Qtum blockchain…On-chain KYC will become a critical component for numerous protocols on the decentralized web.”
Indeed, many investors are looking to cryptos not only as a sector that is producing capital appreciation but also as an area that can provide passive income in a market where interest on capital is falling.
Qtum has some unique advantages that make it attractive from a developmental standpoint. Its Decentralized Governance Protocol (DGP) allows the platform to interact with smart contracts, and take enforcement actions. To maintain performance, its Abstract Account Layer (AAL) separates applications from the underlying…