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Digital Id Utility Blockpass Groups With DeFi Lending Platform EasyFi Community
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Self-sovereign id software Blockpass has introduced its partnership with DeFi lending platform EasyFi Network.
Blockpass is digital id software and repair that gives a streamlined and cost-effective person on-boarding course of for regulated industries and any form of on-line service. Its KYC resolution, referred to as KYC Join, makes use of blockchain know-how and sensible contracts to resolve tedious KYC and AML compliance procedures. It reduces join friction and will increase conversions. It additionally allows customers to get accredited and whitelisted as soon as for close to fast entry to a number of retailers and repair suppliers.
EasyFi is a protocol constructed to resolve among the inherent challenges confronted by the primary technology of DeFi options with respect to transaction speeds and prices which create a bottleneck when working at scale. Its safe protocol goals to cowl all method of bases, together with micro-lending, under-collateralized loans, credit score delegation, credit score default swaps and extra. Enabling decrease value transactions, a deeper liquidity pool and real-world integrations, EasyFi hopes to be the catalyst for the mass adoption of DeFi.
The partnership incorporates a highly effective use case for on-chain KYC knowledge by way of a community consisting of Blockpass, Chainlink, Matic and EasyFi, enabling the belief of decentralized and compliant lending and borrowing of digital belongings over public networks.
“2021 has gotten off to a promising and fast begin with the revelation of on-chain KYC. We’re extremely excited to be seeing such superb use instances for the know-how earlier than the top of the primary month is even up,” mentioned Adam Vaziri, CEO of Blockpass. “We’re actually trying ahead to working with the crew at EasyFi, who’re simply as obsessed with creating helpful, easy and compliant options on this area; that is just the start of the on-chain KYC revolution!”
Ankitt Gaur, Founder & CEO of EasyFi Community, mentioned that they’re very excited to see the imaginative and prescient of “Id Quad” coming to actuality the place Id is managed by one participant (Blockpass), relayed by one other (Chainlink), enabled by third pillar (Matic) and provided for consumption by (Easyfi) resulting in adoption.
“In an try to attain the above we’re very joyful to be partnering with Blockpass and looking out ahead to working with them to ship seamless on-chain id options to our layer 2 lending protocol,” Gaur mentioned. “Our collaboration strikes a needle towards under-collateralization and uncollateralized loans that are a part of our endeavour to make DeFi customers to do extra with their Digital Property thus becoming our #DoMoreWithDeFi imaginative and prescient completely.”
