trade.io, a provider of innovative crypto solutions, has teamed up with US-based startup Civic Technologies to employ its digital identity platform that leverages blockchain capabilities to deliver faster KYC verification for the users of trade.io ecosystem.
To meet fast-growing identification demand, the new partnership gives trade.io the power to authenticate its users’ identities and verified credentials. It provides a trusted interface to qualify clients for the liquidity pool and trade.io exchange whilst handing control back to the user.
Once Civic authenticates the identity of its app subscriber and takes a cryptographic hash of all the information, trade.io will no longer need to store its clients’ data for identification or authentication purposes. This also helps reduce the time to onboard users in an AML-compliant manner.
trade.io’s use of Civic’s services takes the buildup of its international expansion one step further. Strong and reliable digital identity is essential for the company’s initiatives in regulated jurisdictions to thrive, as well as improving the functionality and governance of its blockchain solutions.
Trade.io is a disruptive solution that aims to leverage the full potential of blockchain technology to create a peer-to-peer trading platform for crypto assets. Furthermore, it plans to subsequently introduce forex and CFDs for precious metals, oil, commodities, indices, global equities and more.
The company is currently in the midst of a successful ICO in which $18.2 million has so far been raised from over 7,000 backers, out of an expected total of $135 million.
Last week, trade.io has entered into a memorandum of understanding to negotiate the terms for the acquisition of a New York City based broker/dealer.
Commenting on the partnership, CEO Jim Preissler remarked: “In the world of finance there is a delicate balance between being AML compliant, but also providing your customer an efficient, scalable solution to make sure they’re accessing our platform, and trading in a short amount of time. After extensive vetting, we were happy settling upon Civic who is without question the leader in this field.”
Civic CTO, Jonathan Smith, added: “We were intrigued with trade.io’s experience in the industry and approach to ensuring compliance and adhering to regulatory matters. We are looking forward to a long mutually beneficial relationship with trade.io.”