Velix.ID, a RegTech Blockchain startup announced its partnership with Cryptocurrency Exchanges in India to enhance the existing KYC processes. The initial cryptocurrency exchanges to confirm the partnership include Coinsecure & Bitxoxo, two of the biggest Bitcoin exchanges in India.
Mohit Kalra, the CEO of Coinsecure, said, “The current process of KYC and identity verification is too troublesome and tedious for us as a cryptocurrency exchange and a cause of significant loss of business. I personally believe that with Blockchain Technology, this process can be improved upon drastically. When the idea of Velix.ID was presented to me, I was left impressed with the idea and the technical soundness of the execution plan. In fact, I wholeheartedly believe in - not just the idea - but the actual ability of the Velix.ID team to be able to execute this project successfully.”
The existing processes of KYC are problematic and time consuming for cryptocurrency exchanges and their customers. Numerous issues in the traditional KYC procedures make the signing up process on the exchanges extremely ineffective. They are mentioned as under:
• It takes about 3 to 5 days for an individual KYC process to be finished with any exchange. The pending KYCs cause huge backlogs with many cryptocurrency exchanges, thereby resulting in business loss on a daily basis for the exchanges.
• The need to sign up with one’s basic data, then make copies of identity documents, uploading them, and waiting for the verification process to be over is a time consuming and tedious process for the users. This leads to a loss in customer acquisitions for businesses.
Velix.ID
The Velix.ID Ecosystem is a one-stop solution to the KYC problem. The exchange can ask for the identity of the user over the Velix.ID blockchain from a company that has verified it. This verified identity provider can be the user’s bank, another cryptocurrency exchange, or any other authentic company from which the exchange wants to receive the identity from. This transaction takes place in a secure, efficient, and private manner by employing technologies such as Smart Contracts, Stellar Consensus Protocol, zSNARKs, HD Wallets (BIP32), and PoeT. This transaction of identity using Velix.ID is extremely fast as the transaction is verified via numerous nodes on the Velix.ID blockchain, who are rewarded for these transactions.
Velix.ID provides free verification stamps to the business partners with the intention of allowing them to test the Velix.ID Ecosystem to see if their business costs improve with the Velix.ID enabled KYC methods. Besides the partnerships with Coinsecure and Bitxoxo, Velix.ID is in talks with the main cryptocurrency exchanges in India for their KYC procedures.
In a report on Global Cryptocurrency and Blockchain Market added by Research Beam, the market is expected to grow at a considerable CAGR during the period, 2018-2025. The report encompasses the research methodology, market size, market share analysis, market dynamics, market trends, vendor analysis, Five forces analysis, market forecast, key industry segments, and company profiles.
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