Coinsecure and Bitxoxo, two of the largest Bitcoin exchanges in India, have confirmed the partnership and expect to improve the current procedures of KYC. The contemporary KYC methods are causing a significant business loss for the exchanges as they are too time consuming (it takes a least of 3 days to 5 days normally for an individual KYC process to be completed at the moment with any exchange). Furthermore, the requirement to sign up with basic information, then make copies of identity documents, uploading them, and then waiting for the verification process to be completed is a discouraging process for the users.
The Velix.ID ecosystem is a decentralized solution that enables exchanges to request the verified identity of the user over the Velix.ID blockchain from a business/authority that has already verified it. Also, other than the already secured partnerships with Coinsecure and Bitxoxo, Velix.ID is currently in talks with all major cryptocurrency exchanges in India for their KYC processes, according to The Merkle.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now