Fractal ID x Polytrade: Decentralized Identity For Safe & Private Trading

Explore Fractal ID’s first DID deployment on Polytrade platform

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Fractal ID

4 min readAug 19, 2022

Fractal ID is proud to announce our partnership with Polytrade, the blockchain-based decentralized protocol that aims to transform receivables financing & connect buyers, sellers, insurers, & investors for a seamless trading experience.

Fractal ID is supporting Polytrade by providing decentralized identity to the Polytrade platform, enabling seamless onboarding, safe trading, and privacy-preserving collaboration.

Tackling the challenges of web3 trading

Web3 trading platforms open all kinds of opportunities for users to lend and borrow, collaborate, and boost their growth in a decentralized fashion.

However, statistics show that many users are still hesitant to grasp these opportunities due to their fear of having their data exposed or hacked.

As Polytrade aims to provide safe trading opportunities for its users, they are leveraging Fractal ID’s DID registry to optimize their users’ experience and provide them with a safe environment for growth.

The open DID registry to ensure seamless onboarding and safe trading on Polytrade

Fractal ID’s open DID registry is a privacy-preserving identity verification commons that enables direct on-chain identity verification.

It enables a no-touch onboarding experience such that users don’t need to interact with Polytrade at all. Instead, once the user connects their wallet, Polytrade will be able to toggle through the DID registry, locate the user’s verifiable credentials (VCs) that identify the user’s KYC status, and immediately onboard them to the platform if they meet Polytrade’s criteria for participation.

Even more, users who don’t previously have Fractal ID will be able to leverage the DID registry to upload their documents and benefit from the privacy-preserving features. This seamless process happens as following:

User uploads their identification documents (e.g. passport, residency proof)
Fractal ID verifies these documents
Fractal ID issues verifiable credentials
Polytrade locates the credentials in the registry and effortlessly onboards users to the dApp

Fractal ID x Polytrade partnership

Fractal ID and Polytrade are joining forces to add a layer of safety to Polytrade while maintaining the users’ privacy, which will:

Establish a safe environment for users to trade, borrow, loan, and collaborate where all users maintain their reputation while keeping their data private.
Safeguard Polytrade’s users from identity theft, money laundering, and other illicit activities.
Help users identify the lawfulness of their counterparties, protecting their assets and helping them make better decisions.

“Fractal ID is one of the key partners in our protocol helping us protect our users’ funds, reinforce trust, and guarantee fraud prevention: bridging the gap between data privacy and data integrity”
~ Polytrade

About Polytrade

Polytrade brings safe and insurance-backed real-world assets to the crypto world. We will provide real world borrowers access to low interest and swift financing to free up critical working capital, tapped from crypto lenders.

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About Fractal ID

Fractal ID is the leading identity solution provider for web3 ecosystems. We are building a vertically integrated identity stack that works for everyone, everywhere. To transform decentralized identity adoption into reality, Fractal ID is currently building the idOS — the identity layer of web3.

If you are interested in exploring how web3-native identity solutions (DIDs) can help your business, book a meeting with our team.

This article does not include elements of any contractual relationship. This article shall not be deemed to constitute a prospectus of any sort or a solicitation for investment or investment advice; nor does it in any way pertain to an offering or a solicitation of an offer to buy any securities in any jurisdiction.

For the avoidance of doubt, please note that the Protocol has not been fully developed. Any statements made about the Protocol are forward-looking statements that merely reflect Fractal ID’s intention for the functioning of the Protocol. There are known and unknown risks that can cause the results to differ from the forward-looking statements.

Fractal ID does not intend to express investment, financial, legal, tax, or any other advice, and any conclusions drawn from statements in this article or otherwise made by Fractal ID shall not be deemed to constitute advice in any jurisdiction.

Fractal ID’s intended purpose of the Tokens is to be used as means of payment for the services that will be offered within the Protocol (the “Services”). The purchase, ownership, receipt, or possession of Tokens carries no rights, express or implied, other than the right to use Tokens as a means to enable usage of Services in accordance with the then-applicable terms of use relating to the Services offered within the Protocol. The Tokens do not represent or confer any ownership right or stake, share, security, or equivalent rights, or any right to receive future revenue shares, intellectual property rights, or any other form of participation in or relating to the Protocol, Fractal ID, Service Providers or any of their corporate affiliates, other than any rights relating to the provision and receipt of Services, subject to the applicable terms, conditions or policies that may be adopted by participants in the Protocol.