Launched in 2016, Qtum (QTUM) is one of the earliest mainstream blockchains. It merges the benefits of the Bitcoin-like UTXO model with the support of multiple virtual machines, including Ethereum's EVM. Today, Feb. 16, 2021, it announces its partnership with Blockpass, a pioneering on-chain KYC (know-your-customer) services provider.
Qtum (QTUM) inks partnership with Blockpass
According to the press release shared with U.Today, both teams will be working on the progress of on-chain verification solutions within the Qtum (QTUM) blockchain ecosystem.
Blockpass, the "early bird" of on-chain KYC instruments, is focused on building "one-for-many" identity verification gateways to allow using a single KYC profile for multiple blockchain services. This, in turn, opens access for Blockpass customers to tokensales or services within regulated industries.
Adam Vaziri, the CEO of Blockpass, stressed the importance of the Qtum (QTUM) community for the expansion of his project's userbase and the high standards of KYC compliance:
Facilitating fast, simple and efficient regulatory compliance on Qtum creates more opportunities for everyone, and spreads the phenomenon of On-chain KYC to an even wider audience.
Also, he underscored the innovative nature of Qtum (QTUM) blockchain, which is one more advantage when it comes to technological progress and massive adoption.
Subsidies campaign has been launched by Qtum (QTUM)
As part of a newly disclosed partnership, Qtum (QTUM) will also offer subsidies to specific members interested in KYC assistance by Blockpass. Meanwhile, Blockpass itself offers a 90 percent discount on its services in these unprecedented times.
The crucial importance of KYC compliance for decentralized projects was highlighted by Qtum (QTUM) administration. Its cofounder, Jordan Earls, is certain that technology and regulatory compliance should go hand in hand:
On-chain KYC will become a critical component for numerous protocols on the decentralized web. Rather than hinder innovators who are seeking to stay compliant while enabling new technologies, the Qtum Foundation would like to support those builders by backing Blockpass’ expansion to the Qtum blockchain.
He also explained that Blockpass was chosen for this partnership due to its amazing costs and the ability to reduce the pressure on the blockchain by including only "non-sensitive" pieces of information.