Velix.ID — a RegTech Blockchain startup, working in the Identity Verification Space — is cooperating with Cryptocurrency Exchanges in India to enhance the current KYC forms. The underlying cryptographic money trades to affirm the organization with Velix.ID are Coinsecure and Bitxoxo, two of the biggest Bitcoin trades in India.
On the organization with Velix.ID, Mohit Kalra, the CEO of Coinsecure, stated:
"The present procedure of KYC and character check is excessively troublesome and repetitive for us as a Cryptocurrency Exchange and a reason for huge loss of business. I for one trust that with Blockchain Technology, this procedure can be enhanced definitely. At the point when the possibility of Velix.ID was introduced to me, I was left awed with the thought and the specialized soundness of the execution design. Truth be told, I wholeheartedly have faith in — not only the thought—but rather the real capacity of the Velix.ID group to have the capacity to execute this venture effectively"
The present strategies of KYC are a reason for real worry for both the Cryptocurrency trades and their clients causing a critical business misfortune for the trades.
There are numerous issues in the contemporary KYC techniques that make the way toward joining on the trades exceptionally wasteful:
Excessively tedious: It takes a slightest of 3 days to 5 days ordinarily for an individual KYC procedure to be finished right now with any trade. There are colossal accumulations with numerous digital money trades as a result of the pending KYCs, which is causing immense business misfortune on regular schedule for the trades.
Misfortune in Customer Acquisition: The prerequisite to join with essential data, at that point make duplicates of your character archives, transferring them, and afterward sitting tight for the check procedure to be finished is a disheartening procedure for the Users, and brings about a misfortune in client acquisitions for the organizations.
The Velix.ID Solution: Revamping KYC
The Velix.ID Ecosystem is a decentralized answer for the KYC issue. As a business accomplice, the trade can essentially ask for the confirmed character of the User over the Velix.ID blockchain from a business/specialist that has officially checked it. This Verified-Identity Provider can be the User's bank, another digital currency trade, or some other legitimate association from which the trade will acquire the personality from. This exchange is completed in a protected, productive, and private way using innovations, for example, Smart Contracts, Stellar Consensus Protocol, zSNARKs, HD Wallets (BIP32), and PoeT. This exchange of personality utilizing Velix.ID is blazingly quick as the exchange is checked through various hubs on the Velix.ID blockchain, who are remunerated for these exchanges.
Velix.ID offers free check stamps to the business accomplices so they can try out the Velix.ID Ecosystem to check whether their business costs enhance with the Velix.ID enhanced KYC process. Other than the as of now secured organizations with Coinsecure and Bitxoxo, Velix.ID is as of now in converses with all significant digital money trades in India for their KYC forms.
The KYC procedure is, in any case, just a single of the numerous utilization instances of Velix.ID Ecosystem in the Identity Verification space, which covers numerous industry verticals including cryptographic money exchanging, land, Travel and Hospitality, Banking and Insurance, Employment, Commerce, Transport.
The Velix.ID Presale starts January 27, 11:59 PM UTC at 35% rebate, you can enlist now.
Whitepaper: https://www.velix.id/resources/Velix.ID%20White%20Paper.pdf
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