Qtum Teams Up with Blockpass To Deliver On-Chain KYC

Blockchain.News Official Team   Feb 17, 2021 05:00

Qtum, the advanced blockchain platform and growing decentralized finance (DeFi) ecosystem has announced its partnership with the leading on-chain KYC provider Blockpass. 

According to the recent press release, the new partnership will see Qtum begin offering subsidies to specific firms looking to implement Blockpass’ on-chain KYC services to achieve regulatory compliance. 

With an increasing number of blockchain-powered projects looking to securely implement KYC services, providers like Blockpass represent an increasingly attractive proposition in an industry where regulatory compliance is becoming the focus of many startups. 

As a KYC and AML services provider, Blockpass' services make it easy for firms to easily and securely verify the identity of their customers and clients, and thanks to its clever use of blockchain technology and automation, it can screen users for as low as 12 cents per individual — making it attractive to firms looking to screen large numbers of users quickly and with zero hassle.

On-chain KYC will become a critical component for numerous protocols on the decentralized web,” said Qtum co-founder Jordan Earls in the press release. “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.”

This is the latest in a series of announcements for Qtum, which recently ramped up its moves in the decentralized finance space with the launch of its own automated market maker (AMM) platform in QiSwap, as well as a generous grant program for innovators looking to build creative DeFi solutions on Qtum chain. 

As arguably the most successful fork of Bitcoin, Qtum separates itself from other blockchain platforms in that it combines the UTXO transaction system of Bitcoin with the Ethereum Virtual Machine (EVM). This makes it uniquely positioned to offer a stable, secure environment for decentralized applications while being accessible to Solidity developers experienced with building on Ethereum. 

“We’ve known and been fans of the Qtum team and network for a long time, and it’s great to have the opportunity to work closely with them,” said Blockpass CEO Adam Vaziri.

Image source: Shutterstock

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