Announcing Alkemi Network & KYC-Chain Partnership
Alkemi Network, the on-chain liquidity network, is pleased to announce their partnership with compliance technology provider, KYC-Chain. Unlocking the power of KYC-Chain’s global verification features, Alkemi Network is proud to offer a streamlined onboarding experience for users seeking a compliant DeFi solution.
The collaboration is a significant step towards achieving Alkemi Network’s mission; bridging CeFi to DeFi by galvanizing institutions to participate in decentralized finance.
KYC-Chain offers a customer onboarding framework that streamlines KYC/AML checks and customer due diligence, meeting the compliance requirements of legacy financial institutions. Following the compliance integration, centralized financial participants can finally use DeFi with peace of mind through Alkemi’s flagship borrowing and lending protocol, Alkemi Earn.
The KYC-Chain / Alkemi Earn process works as follows:
Prospective users wishing to access DeFi through Alkemi Network’s Earn application can apply for KYC approval through KYC-Chain. Once approved, the user-nominated Ethereum wallet address is allowlisted to connect to Alkemi Earn’s ‘Verified’ pool of digital assets. Users can then deposit, borrow and earn ALK utility tokens as a reward for network participation.
“Partnering with KYC-Chain not only addresses the immediate compliance requirements of institutional capital, but also puts Alkemi Network on a fast track to the future of “decentralized compliance” through the SelfKey Network… The SelfKey vision for empowering users with privacy and access controls for their own KYC data has been a major factor in our decision to choose KYC-Chain”, Engin Erdogan, Ecosystem Growth at Alkemi Network.
The collaboration with KYC-Chain will cover two separate phases.
The first phase addresses the immediate challenge and provides institutions with a compliant framework to participate in DeFi. The combined efforts of Alkemi Network and KYC-Chain aim to satisfy the financial industry’s current criteria for KYC/AML.
The second phase prepares Alkemi Network for the future of compliance, where users will own and control access to their own identity data via the SelfKey Network. This self sovereign data solution will empower users to fulfil compliance requirements without sacrificing the privacy of their KYC data. Furthermore, through data portability, this infrastructure has the potential to eliminate the current need to complete separate diligence checks for every platform.
In view of the partnership, Edmund Lowell, founder of KYC-Chain said, “We’re glad to enable our KYC solution to Alkemi Network which would help Alkemi Network in their quest to bridge CeFi and DeFi”
Alkemi Network is bridging CeFi to DeFi, building an on-chain liquidity network with a suite of tools and products that serve as onramps for everyone to participate in decentralized finance. The flagship protocol, Alkemi Earn (Earn), facilitates institution-grade borrowing and lending within a compliant environment via a primary permissioned liquidity pool of digital assets (ETH, wBTC and stablecoins).
Earn will also offer access to a secondary, permissionless liquidity pool of digital assets at the network’s Token Generation Event, as part of Alkemi’s mission to enable everyone to join the decentralized financial ecosystem.
KYC-Chain provides state-of-the-art compliance solutions for businesses of all sizes, with a special focus on identity and customer onboarding. To learn more, please book a demo.
