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Digital Identity, Security & Online Fraud

Yoti to handle Electroneum KYC checks

Tuesday 11 September 2018 | 12:57 PM CET

Electroneum, has taken a further step towards regulatory compliance by partnering with digital identity app Yoti.

The mobile-based cryptocurrency, which has more than two million users who mine and transfer its digital currency ETN through their phones, will use Yoti to handle its Know Your Customer (KYC) checks.

Apple’s terms and conditions prohibit apps from providing mobile mining, but Yoti’s KYC system will mean Electroneum will be able to offer ‘Cloud Mining’ to people who use iOS phones.

Under the agreement, Yoti will provide Electroneum with:

  • instant KYC

  • streamlined KYC for both operators and individuals

  • frictionless onboarding and fast processing times, with individuals sharing pre-verified identity attributes in seconds instead of showing paper ID documents

  • identity verification from over 160 countries using government IDs and biometrics.

Electroneum will require all users a certain threshold to prove their identity to use their ETN account. Yoti is helping to streamline this process by letting individuals prove their identity in seconds and share their verified details and creating a secure experience. This removes the need for them to carry around and show paper ID documents, which can be lost or stolen.

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