Digital authentication provider Blockpass and Avalanche reach a cooperation

On February 17, it was reported that the digital authentication provider Blockpass and Avalanche reached a cooperation. Blockpass will be integrated with Avalanche for KYC and AML verification. Avalanche will use the new features of Blockpass to allow users to prove their ownership of digital wallets, and provide a market suitable for unmanaged wallets through the unmanaged wallet KYC of Blockpass.

Interpretation of this information:

The collaboration between Blockpass and Avalanche, a digital authentication provider and an open-source platform, is expected to improve the user experience for individuals using their platform. Avalanche will use Blockpass’s identity verification service and anti-money laundering (AML) technology to verify the real identities of users before they can use the platform’s digital wallet services.

Blockpass is known for its services like digital identity verification, onboarding verification, and AML protection. In contrast, Avalanche is popular for developing decentralized applications and advancing their blockchain technology’s scalability without sacrificing safety or decentralization. The collaboration is expected to improve the onboarding process and allow individuals to create their digital identity on Avalanche’s blockchain platform securely.

Furthermore, the partnership offers an opportunity for Blockpass to expand its services by integrating its unmanaged wallet KYC feature to Avalanche’s existing ecosystem. This integration will provide Avalanche unmanaged wallet users an efficient and secure way to prove ownership of their digital wallets.

The use of the Blockpass service on Avalanche could improve user confidence and prevent incidences of fraud, ensuring the integrity of the blockchain platform. With Blockpass, customers can be assured that their personal information is protected, with data kept securely in Blockpass’s vault, accessible only to the customer.

The collaboration between Blockpass and Avalanche comes amid growing concern for digital currencies’ legitimacy and the need to regulate this sector. Governments and regulatory authorities worldwide are tightening their regulatory oversight and imposing stricter Know Your Customer (KYC) and AML guidelines as a result of the sector’s growth in recent years.

In conclusion, the partnership between Blockpass and Avalanche is expected to provide innovative solutions and improvements for the digital wallet industry. The integration of Blockpass’s identity verification service and anti-money laundering technology will improve the platform’s security and prevent fraudulent activities. The collaboration also provides an opportunity for Blockpass to expand its KYC services to another blockchain platform.