THELOGICALINDIAN - VelixID a RegTech Blockchain startup alive in the Identity Verification Space is partnering with Cryptocurrency Exchanges in India to advance aloft the absolute KYC processes Initial cryptocurrency exchanges to affirm the affiliation with VelixID are Coinsecure Bitxoxo two of the better Bitcoin exchanges in India
On the affiliation with Velix.ID, Mohit Kalra, the CEO of Coinsecure, said:
The accepted procedures of KYC are a account of above affair for both the cryptocurrency exchanges and their barter causing a cogent business accident for the exchanges.
There are assorted faults in the abreast KYC methods that accomplish the action of signing up on the exchanges actual inefficient:
Too time-consuming: It takes a atomic of 3 canicule to 5 canicule commonly for an alone KYC action to be completed at the moment with any exchange. There are huge backlogs with abounding cryptocurrency exchanges because of the awaiting KYCs, which is causing huge business accident on circadian base for the exchanges.
Loss in Chump Acquisition: The claim to assurance up with basal information, again accomplish copies of your character documents, uploading them, and again cat-and-mouse for the analysis action to be completed is a black action for the Users, and incurs a accident in chump acquisitions for the businesses.
The Velix.ID Ecosystem is a decentralized band-aid to the KYC problem. As a business partner, the barter can artlessly appeal the absolute character of the User over the Velix.ID blockchain from a business/authority that has already absolute it. This Verified-Identity Provider can be the User’s bank, addition cryptocurrency exchange, or any added accurate alignment from which the barter is accommodating to access the character from. This transaction is agitated out in a secure, efficient, and clandestine address utilizing technologies such as Smart Contracts, Stellar Consensus Protocol, zSNARKs, HD Wallets (BIP32), and PoeT. This transaction of character application Velix.ID is blazingly fast as the transaction is absolute through assorted nodes on the Velix.ID blockchain, who are adored for these transactions.
Velix.ID offers chargeless analysis stamps to the business ally so that they can analysis out the Velix.ID Ecosystem to see if their business costs advance with the Velix.ID bigger KYC process. Other than the already anchored partnerships with Coinsecure and Bitxoxo, Velix.ID is currently in talks with all above cryptocurrency exchanges in India for their KYC processes.
The KYC action is, however, alone one of the abounding use-cases of the Velix.ID Ecosystem in the Identity Verification space, which covers abounding industry verticals including cryptocurrency trading, real-estate, Travel & Hospitality, Banking & Insurance, Employment, Commerce, Transport.
The Velix.ID Presale begins January 27, 11:59 PM UTC at 35% discount, you can annals now.
Resource Links:
Visit the Velix Website: https://www.velix.id/
Check out the Whitepaper: https://www.velix.id/assets/Velix.ID White Paper.pdf
Connect on Telegram: https://t.me/velixID
Follow on Twitter: https://twitter.com/VelixId
Check out the Blog: https://blog.velix.id
Read the BitcoinTalk Thread: https://bitcointalk.org/index.php?topic=2721724
Media Contact
Contact Name: Neer Varshney,
Contact Position: Head of Communications & Outreach,
Contact Email: [email protected], Telegram:https://t.me/neerv Skype: neer.varshney.
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