KYC, or Know Your Customer procedures have been the talk of the town in the cryptocurrency space.
The mobile-payment system just announced that it’s the first KYC compliant digital currency.
The New Age of Digital Payments Is Here
Adoption could be fast and furious for ETN, given its exposure to 130 million global smartphones with its mobile payment application.
With KYC compliance, ETN could become even more attractive to global telecom companies. In fact, telecoms could potentially benefit by integrating ETN into their systems. That would allow telecom customers to make instant payments by phone.
Richard Ells, the CEO of Electroneum, can’t stop talking about the stupendous achievement.
In fact, the CEO said, “Today marks the third time Electronuem has broken new ground in the cryptocurrency world. We were the world’s first mobile cryptocurrency, we developed the world’s first cryptocurrency instant payment API and today we are the world’s first KYC-compliant cryptocurrency.”
KYC: Electroneum Partnership With Yoti
Electroneum has also been partnering with various crypto companies in a bid to strengthen its network. Once such partnership has been its collaboration with Yoti. The latter is a RegTech company which created an innovative digital identity app.
Yoti makes it simple for users to verify their identities online and in the real world. It also allows for age verification and is invaluable for businesses in many ways.
The digital identity app greatly facilitates users by allowing them to easily complete KYC procedures.
“Working wit Yoti and being complaint with KYC requirements is crucial. Our corporate partners want us to be able to prove our currency is only being used for legitimate activities. Now we can, that means we can begin to work with these organizations to integrate ETN as a form of payment,” he says. “I’m delighted we’ve found a partner that shares our desire to shake up the FinTech world without cutting corners or compromising security and know we’ll achieve great things together.”
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