Decentralized KYC Integration Partnership with Profit4Life: Advancing Forex Academy Security
Another week, and another partnership announcement. We’re rolling into Q4 2023 BIG!
We are thrilled to announce another integration partnership with one of Latin America and Spain’s leading Forex and Crypto Academy, Profit4Life. ShareRing’s Vault and VQL will be integrated into Profit4Life’s academy platform, whereby students have to create their digital identity and pass KYC before accessing the resources.
Know Your Customer (KYC) procedures are essential for Forex trading academies to ensure the integrity, security, and compliance of their operations. Forex trading involves substantial financial transactions and carries inherent risks, making it vulnerable to fraudulent activities and money laundering. Implementing KYC helps academies verify their students' or clients' identity and background, ensuring they are not involved in illegal activities and can engage in trading responsibly. KYC also helps academies adhere to regulatory requirements, maintain a transparent and trustworthy image, and protect themselves from legal and reputational risks, ultimately fostering a safer and more reputable environment for Forex trading education and practice.
This integration partnership sees the adoption of decentralized KYC, whereby hybrid on-and-off-chain digital identities are utilized for identity attestation. Students are required to create their digital identity inside the Vault (accessed through Identifi Me), and post creation submit their KYC information via the QR code (generated through VQL) on Profit4Life’s academy platform. This seamless integration is a prime example of ShareRing’s industry and tech agnostic identity stack, embodying the true nature of ‘frictionless’ integration to faciliate digital interactions.
The integration has already seen the successful KYC (and Vault creations) of 100 students, and will be rolled out to the rest of the majority in the coming weeks. ShareRing sees this as a snowballing narrative for the blockchain industry and more importantly, on-chain reputation, as Brian Armstrong of CoinBase had recently mentioned in his Top 10 ideas in crypto.
If you missed it, we also announced our integration partnership with Organic Mobility, an IoT automobile company in Japan, whom have integrated our digital identity tools into their cloud platform for corporate and B2B identity verification.