UTRECHT, Netherlands, April 29, 2021 /PRNewswire/ — AllianceBlock, the first globally compliant decentralized capital market, and GBG, the global specialist in identity data intelligence, have today announced a strategic partnership aiming to close KYC/AML gaps in the DeFi industry, bringing DeFi and institutional finance even closer together.
The partnership will see GBG’s identity verification solutions integrated with AllianceBlock’s decentralized protocol. Following this, GBG will generate signed, anonymous, and reusable verification reports which AllianceBlock will store on chain. AllianceBlock will offer these reports to its clients and network participants through its Trustless KYC/AML and Identity Verification product, one of the eight products the firm is currently developing.
This will enable numerous new use cases including allowing crypto users to only undergo KYC once, and subsequently be able to prove their eligibility for sales and other activities without having to share personal information with multiple providers. It can also be used by traditional firms for non-crypto activities, offering a streamlined process that maintains full compliance with regulations.
Matthijs de Vries, CTO and Co-founder of AllianceBlock said, “A trustworthy KYC is not a ‘nice to have’ but a need to have. These processes play a vital role in tackling illegal activity and represent a critical cornerstone of good business. Further to this, compliance can be costly. Individuals have to go through the same KYC check for each institution, creating a larger data footprint which must be managed in a compliant manner with legislation like GDPR. The AllianceBlock Trustless KYC/AML and Identity Verification product aims to allow users to prove their identity in a trustless manner while letting them retain control of their data. It is envisioned that the product, which will now leverage GBG’s world class identity data intelligence software, will be used by both traditional legacy institutions and DeFi firms as a more efficient alternative to current KYC processes, offering an improved solution both business leaders and investors can trust.”
GBG provides fraud and compliance management, identity verification, and location data intelligence to over 20,000 customers worldwide. In September 2020, GBG was named KYC and AML leader by Chartis Research, recognizing its functionality, interconnectivity innovation, and