DeFi platform Alkemi Network integrates KYC-Chain’s user verification system
Alkemi Network, an on-chain liquidity network, today announced a new partnership with the compliance technology provider, KYC-Chain. With the integration of KYC-Chain’s verification features, Alkemi Network can now offer a streamlined onboarding experience for users seeking a compliant DeFi solution.
KYC-Chain offers a customer onboarding framework that streamlines KYC/AML checks and customer due diligence; meeting the compliance requirements of legacy financial institutions. Following the compliance integration; participants can use Alkemi’s flagship borrowing and lending protocol, 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 user-nominated Ethereum wallet address is ‘allow listed to connect to Alkemi Earn’s ‘Verified’ pool of digital assets. Users can then deposit, borrow and earn ALK utility tokens as a reward for network participation.
“Partnering with KYC-Chain 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 SelfKey vision for empowering users with privacy and access controls for their own KYC data has been a major factor in our decision to choose KYC-Chain.”
– Engin Erdogan, Ecosystem Growth at Alkemi Network
The collaboration with KYC-Chain will cover two separate phases…
- First phase. Addresses the immediate challenge and provides institutions with a compliant framework to participate in DeFi. The combined efforts of Alkemi Network and KYC-Chain aim to satisfy the financial industry’s current criteria for KYC/AML.
- Second phase. Prepares Alkemi Network for the future of compliance, where users will own and control access to their own identity data via the SelfKey Network. This self-sovereign data solution will empower users to fulfill compliance requirements without sacrificing the privacy of their KYC data. Furthermore, through data portability, this infrastructure has the potential to eliminate the current need to complete separate diligence checks for every platform.
Alkemi Network is building an on-chain liquidity network with a suite of tools and products that serve as on-ramps for everyone to participate in decentralized finance. The flagship protocol, Alkemi Earn (Earn), facilitates borrowing and lending within a compliant environment via a primary permissioned liquidity pool of digital assets (ETH, wBTC, and stablecoins). Earn will also offer access to a secondary, permissionless liquidity pool of digital assets at the network’s Token Generation Event.