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Cardano Announces Partnership to Integrate On-Chain KYC in Compliance with Regulatory Requirements

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Thu, 04/21/2022 - 13:17
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Tomiwabold Olajide
Through this collaboration, Blockpass will add Cardano crypto addresses to Blockpass App
Cardano Announces Partnership to Integrate On-Chain KYC in Compliance with Regulatory Requirements
Cover image via stock.adobe.com

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Cardano's commercial arm, EMURGO has unveiled its partnership with Blockpass to onboard on-chain KYC in its regulatory compliance bid. Through this collaboration, Blockpass will add Cardano crypto addresses to the Blockpass app and offer on-chain KYC services for Cardano ecosystem projects, optimizing their KYC requirements.

Explaining the rationale behind the partnership in a recent release, EMURGO states that a significant shift is underway toward a Web3 world with decentralized applications running and being developed on Cardano's blockchain technology, particularly in the DeFi and NFT space.

"As these applications grow their communities and bring more users to the Cardano ecosystem, there will also be a need over time for certain projects and enterprises to offer quick and easy KYC services on their applications for their users to access regulated industries," said EMURGO founder and CEO Ken Kodama.

In recent updates shared by IOHK, there are nearly 900 projects in development on the network. The figure has grown by roughly 400 since March, after IOHK Vice President Tim Harrison shared that the total stood at around 500.

Growth in Cardano ecosystem anticipated in coming months

As previously covered by U.Today, the AGIX ERC-20 Converter Bride, which was developed in collaboration with SingularityNET, went live this week. It enables users to bridge Ethereum-based ERC-20 tokens for use on Cardano, with the network's DeFi sector expected to be a significant beneficiary.

Founder Charles Hoskinson recently stated in a video posted to his YouTube channel that the upcoming Vasil Hard Fork upgrade in June will provide a "massive performance improvement to Cardano" and its smart contract capabilities.

The Vasil hard fork is scheduled for June 29, 2022, and aims to improve smart contracts capabilities and the user experience for Cardano users and developers once implemented. This, in turn, will trigger the next wave of technical progress for Cardano-based DeFi protocols Ardana (DANA), Liqwid Finance and so on.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.