Self-sovereign identity application Blockpass has announced its partnership with DeFi lending platform EasyFi Network.
Blockpass is digital identity application and service that provides a streamlined and cost-effective user on-boarding process for regulated industries and any kind of online service. Its KYC solution, called KYC Connect, uses blockchain technology and smart contracts to solve tedious KYC and AML compliance procedures. It reduces sign up friction and increases conversions. It also enables users to get approved and whitelisted once for near immediate access to multiple merchants and service providers.
EasyFi is a protocol built to solve some of the inherent challenges faced by the first generation of DeFi solutions with respect to transaction speeds and costs which create a bottleneck when operating at scale. Its secure protocol aims to cover all manner of bases, including micro-lending, under-collateralized loans, credit delegation, credit default swaps and more. Enabling lower cost transactions, a deeper liquidity pool and real-world integrations, EasyFi hopes to be the catalyst for the mass adoption of DeFi.
The partnership features a powerful use case for on-chain KYC data via a network consisting of Blockpass, Chainlink, Matic and EasyFi, enabling the realization of decentralized and compliant lending and borrowing of digital assets over public networks.
“2021 has gotten off to a promising and rapid start with the revelation of on-chain KYC. We’re incredibly excited to be seeing such amazing use cases for the technology before the end of the first month is even up,” said Adam Vaziri, CEO of Blockpass. “We’re really looking forward to working with the team at EasyFi, who are just as passionate about creating useful, simple and compliant solutions in this space; this is just the beginning of the on-chain KYC revolution!”
Ankitt Gaur, Founder & CEO of EasyFi Network, said that they are very excited to see the vision of “Identity Quad” coming to reality where Identity is managed by one participant (Blockpass), relayed by another (Chainlink), enabled by third pillar (Matic) and offered for consumption by (Easyfi) leading to adoption.
“In an attempt to achieve the above we are very happy to be partnering with Blockpass and looking forward to working with them to deliver seamless on-chain identity solutions to our layer 2 lending protocol,” Gaur said. “Our collaboration moves a needle toward under-collateralization and uncollateralized loans which are part of our endeavour to make DeFi users to do more with their Digital Assets thus fitting our #DoMoreWithDeFi vision perfectly.”
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