PhotoChromic partners with Credefi
PhotoChromic and Credefi are joining forces to explore multiple use cases for self-sovereign identity captured as an NFT and its application to ownership verification, online account authentication, bond identification to documents, electronic signatures and records.
PhotoChromic extends the ownership record of an NFT by enabling a biometric hash of the owner and a piece of generative art to be saved as the visual representation of that individual. For those looking to be identifiable, they can elect to surface their recognizable face on the NFT.
PhotoChromic enables people to securely own and verify their identity and personal information through an NFT. The tokenized NFTs can be programmable, are universally addressable, and open the door for additional functionality.
Credefi is a first-mover hybrid of a FinTech and DeFi solution connecting crypto lenders of stablecoins and SME borrowers from the real economy. Credefi’s platform enables decentralized and secured lending to portfolios of business projects or individual companies, protecting lenders while providing them fixed APY.
As part of its daily operations, Credefi will be dealing with multiple KYC and validation processes that can be facilitated with the innovative technology and approach of PhotoChromic.
Murray Legg, co-founder of PhotoChromic, commented: “DeFi is expanding at a rapid pace. We’re excited to support Credefi’s early mover advantage and their use cases for KYC.”
Ivo Grigorov, CEO of Credefi, commented: “We’re super excited to partner with the PhotoChromic’s team and use their NFT solutions on matters critical to our operations such as KYC and verifications.”
About Credefi
Credefi is a first mover hybrid of a FinTech and DeFi solution connecting crypto lenders of stablecoins and SME borrowers from the real economy. Credefi’s platform enables decentralized and secured lending to portfolios of business projects or individual companies, protecting lenders while providing them fixed APY.
The protocol resolves the key challenges that DeFi and TradFi are facing today: DeFi’s inconsistent, fragile yields that evaporate in bear markets and speculative borrowers that are fickle and cannot satisfy DeFi lending supply; as well as the difficulty for SMEs to get TradFi funding at normal interest rates.
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About PhotoChromic
PhotoChromic is a blockchain-based protocol that tokenizes an individual’s identity through an NFT that is programmable, verifiable, universally addressable and digitally secured, verifying the link between the analogue and digital worlds. The product aggregates biometric proof of life, with government-backed identity verification and unique personal attributes, into an on-chain asset that is utilised for blockchain based identity verification and Web3 applications.
The benefits that the protocol offers include:
- Immutable security and independent management of your online identity
- Attestation of true biometric identity, tethered to your physical and digital assets
- A multi-chain protocol to run initially on Ethereum, Polygon (MATIC) and Cardano
By developing and deploying this protocol onto key blockchains, there are a host of value-added benefits and commercial opportunities that will be created as a result. These can either be pursued by PhotoChromic in isolation, developed in joint-venture with other parties, or proposed to third parties who consume the protocol for their own commercial risks and return.
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