Wyre is a leader in KYC, AML, compliance, auditing, and other important parts of the cryptocurrency ecosystem. They are very well aligned to Hydrogen’s vision of creating an interconnected and global Web 3.0 for fintech. This line on their website is why they are so awesome!
We’ve done the boring stuff, so you can focus on making something awesome.
Yet, fintech piping is not boring, it is vital. It is vital to creating a trustless economy. It is vital to creating scalable client applications that will be built on top of Hydro’s blockchain platform. Most importantly, it is vital for facilitating on-chain security that the Hydro ecosystem can provide to financial services.
Wyre Widget
The Wyre widget will live natively on a dApp deployed in the Hydro dApp store. It will provide KYC/AML onboarding, as well as fiat onramps/offramps for DAI and ETH.
Let’s take a look at some prototypes as we #buidl:
Implications
In 2017, Thomson Reuters produced a survey of over 1,000 global banks, hedge funds, asset managers, insurers, and brokers/dealers. They found the average time to onboard new financial customers through their KYC is 26 days. The average time to refresh client KYC records is 20 days, and only 12% dynamically check the records to make sure they are up to date. Hydro’s blockchain platform can totally transform these numbers.
Hydro’s Snowflake is built using the ERC-1484 standard that the Hydro development community created. The Wyre partnership means a user can perform KYC through a Wyre dApp deployed to the Hydro dApp store. This is done by linking data on their ERC-1484 compliant Snowflake and having the attestation stored on chain.
Why is this so cool? The next time the user has to perform a KYC check, the new financial institution just has to read the chain (no transaction needed) and can instantly verify the user. 26 days can be reduced to 26 seconds!
This process can satisfy regulatory requirements and make the user experience streamlined and painless. The Hydrogen-Wyre partnership is a huge step towards solving this large multi-billion dollar problem facing financial services firms globally, and we couldn’t be more excited to work together!
About Wyre
We’ve been in the crypto space since 2013 and we know the headaches involved. Focusing on compliance, licensing and legal fees shouldn’t be what creators are doing. They should be creating.
Dreaming big and making amazing tools on the blockchain.
This is what gets us excited and we think that giving this back to the crypto community not only empowers the users, but this is how we start to see the next evolution of the financial system.
Header Image by kjpargeter on Freepik and designed Hydro Community.
