Connect with us

Altcoins

Circle builds first proof-of-concept to eliminate data sharing using Verite

Circle Internet Financial has developed the world’s flagship proof-of-concept for “know your business” (KYB)…

The post Circle builds first proof-of-concept to eliminate data sharing using Verite appeared first on CoinJournal.

Circle Internet Financial has developed the world’s flagship proof-of-concept for “know your business” (KYB) verification in cooperation with Archblock, Parallel Markets, and MetaMask Institutional. 

It was created using Verite for digital identity credentials, Coin Journal learned from a press release. 

Easily stored in crypto wallet 

Verite credentials are easy to store, portable, and interoperable. These decentralized, privacy-preserving credentials do away with the need to share personal data. 

Users have full control over how and when protocols or organizations access their identity attestations.

These credentials can also guarantee a community’s integrity by setting KYB requirements and making it simpler for protocols to protect against malevolent entities in their networks. Circle CEO and co-founder Jeremy Allaire said: 

We believe in the value of open online software and that privacy preservation should be considered a design principle. The use of Verite to create an open network for decentralized identity is a crucial act in the direction of closing the gap between financial compliance requirements and the Web3 ethos of user ownership, decentralization, and privacy preservation. 

KYB credentials will be free 

The KYB credentials will be free for Circle’s customers. Mobile apps, web apps, and smart contracts will avail identity-verified participants without the need to store or collect sensitive user information.

Johann Bornman, Global Product Lead at MetaMask Institutional, stated: 

Standards for Decentralized Identifiers (DIDs) can make various on-chain use cases possible while respecting privacy and preserving the values of permissionless innovation. We are excited to collaborate with Circle, TrueFi, and Verite and find new ways for businesses to interact within Web3 more efficiently and constructively

Archblock Chief Investment Officer Bill Wolf added: 

The partnership with Circle to use the Verite credential provides the crucial infrastructure to confidently onboard institutions to the decentralized realm. Verite will help us achieve goals frictionlessly as we continue to drive adoption.

Circle is the company behind USD Coin and Euro Coin. Verite is open-source, decentralized, and free to build upon, in contrast to alternative digital identity approaches involving centralized approval mechanisms or proprietary tokenization.

The post Circle builds first proof-of-concept to eliminate data sharing using Verite appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

Continue Reading
Advertisement

Altcoins

Binance re-enters the Japanese market with purchase of SEBC exchange

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan. KEY TAKEAWAYS SEBC is a Japan Financial Services Agency (JFSA) regulated entity. By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange. At the time of the Binance acquisition, […]

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan.

KEY TAKEAWAYS

  • SEBC is a Japan Financial Services Agency (JFSA) regulated entity.
  • By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange.
  • At the time of the Binance acquisition, the Tokyo-based exchange supported 11 trading pairs; mainly cryptocurrency-Japanese Yuan pairs.

Despite the tense situation in the crypto market following the collapse of FTX which seems to be taking other crypto entities like BlockFi down with it, Binance seems to be spreading its wing further and further. The SEBC acquisition comes weeks after Binance pulled out of its planned FTX rescue plan citing issues with FTX’s financial book.

Expanding into Japan

In the past few years, Binance has been expanding its business across various countries as it stamps its authority within the crypto space. So far, the crypto exchange has secured regulatory approvals in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.

The acquisition of Sakura Exchange BitCoin marks the exchange’s first entry into East Asia. Most importantly, SEBC is already a regulated entity which means Binance will be able to offer regulated services in Japan, which is a major economy in East Asia.

In a press release announcing the acquisition of the Japanese exchange, the general manager of Binance Japan, Takeshi Chino, said:

“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.” 

At the time of the acquisition, SEBC offered customer consultation services and crypto brokerage services supporting 11 crypto-Japanese Yuan trading pairs. The trading pairs include BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

Continue Reading
Advertisement

Top Posts

We need your support.

Enjoying our free service? Please help us by clicking the ads on our website. They are 100% safe. Thank you!