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Polymath Adopts Blockpass Identity Verification System to Simplify User Onboarding Process

Hong Kong-based firm Blockpass and Polymath have partnered to streamline the latter’s customer onboarding process using a blockchain-based identity verification system.

Blockpass said on its website that, under the partnership, it will be able to reach a wider pool of customers after being listed as a know-your-customer provider in Polymath’s Polymath Service Provider Marketplace.

“This partnership is the latest step we have taken to streamline the painstaking and cumbersome process of onboarding investors,” Blockpass CEO Adam Vaziri said.

Vaziri added that Blockpass and Polymath’s are similarly working to introduce simplified and compliant offerings.

Polymath is a Barbados-based company that provides a decentralized platform for creating and managing security tokens.

The firm introduced a standard called ST-20, which serves as an extension of ERC-20 that helps limit transfers of security tokens.

Security token transfers can only be done after security token holders are securities holders are KYC/AML verified.

“This [partnership] represents our continued efforts to provide Polymath issuers with access to best-in-class KYC solutions like Blockpass,” Polymath CEO Kevin North noted.

Blockpass has also recently teamed up with Beam, a Mimblewimble protocol-based blockchain and cryptocurrency, as part of a broader effort to integrate future versions of the Beam wallet with KYC features.

The partnership is part of Beam’s mission of protecting the privacy of transaction participants.

Monica Monica

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