XRP Wallet XUMM Reconsiders KYC Policy. What Changes?

XUMM Wallet by XRPL Labs shares the details of major optimization of "know-your-customer" (KYC) procedures. The product is going to improve the anonymity of its customers.

Top XRP Ledger wallet becomes more anonymous

According to the official announcement shared by XRPL Labs on Twitter, XUMM wallet reconsiders its KYC policy. XUMM's software development kit and API tools are affected by these changes.

With the latest update, all participants in the XRP Ledger ecosystem (exchanges, payment gateways, developers, companies) can fetch anonymous KYC status information.

In comments, XUMM Wallet representatives confirmed that it is possible to obfuscate the identity of the counterparty while integrating XUMM SDK into a crypto exchange.

Platforms will now recognize users just by the "KYC-flag" parameter that can be either true or false. This eliminates the need to disclose customer identity to third parties.

New optimizations to come in Q2-Q3

The next advance in the KYC policy is expected in Q2-Q3, 2021. KYC-agnostic verification will be added to XUMM Pro wallet.

As covered by U.Today previously, XUMM Wallet, curated by XRPL Labs, implemented purpose-made modules for basic decentralized applications and non-fungible tokens.

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