Cardano Announces Partnership With KYC SaaS Firm In Compliance With Regulatory Requirements

As the world moves increasingly towards a digitized economy, KYC/AML (know your customer/anti money launderng) compliance is becoming more important than ever for businesses.

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EMURGO, the official commercial and venture arm of the Cardano project and the entity that drives the blockchain’s adoption and adds value to $ADA hodlers by building, investing in, and advising projects or organizations that adopt Cardano’s decentralized blockchain ecosystem, has announced a partnership with the digital ID verification provider Blockpass to use its On-chain KYC/AML solution as a way of enhancing compliance to Cardano’s blockchain ecosystem.

Explaining the rationale behind the partnership, EMURGO notes in a recent release that a “significant shift is underway toward a Web3 world with decentralized applications running and being developed on Cardano’s blockchain technology, particularly in the DeFi and NFT space.”

As the world increasingly moves towards a digital future, decentralized applications (dApps) are becoming more popular and Cardano is at the forefront of this trend. In particular, the POS (proof-of-stake) network is seeing a lot of activity in the DeFi (decentralized finance) and NFT (non-fungible tokens) space.

DeFi is a growing sector of the cryptocurrency industry that is built on the principle of decentralized applications. DeFi platforms allow users to access financial services without the need for a central authority, such as a bank. Cardano is well-positioned to capitalize on this trend as it offers a scalable and secure blockchain platform for DeFi dApps.

NFTs on the other hand, are a type of cryptocurrency that represents a unique asset, such as a piece of artwork or a collectible. NFTs are becoming increasingly popular as they offer a way to digitize and trade assets in a secure and efficient manner.

“As these applications grow their communities and bring more users to the Cardano ecosystem, there will also be a need over time for certain projects and enterprises to offer quick and easy KYC services on their applications for their users to access regulated industries,” EMURGO founder and CEO Ken Kodama commented.

According to a recent tweet by Cardano’s developer Input Output, there are nearly 900 projects in development on the network including the recent addition of two stablecoins, Tether (USDT) and USD Coin (USDC) through WingRiders DEX. More importantly, the network’s number of new projects that include NFT marketplaces, metaverse projects, gaming apps, DEXs, lending protocols and stablecoin issuers “goes up day by day.”

Price Action

ADA was last changing hands at $0.95, up 0.68% in the last 24 hours. The native token of the Cardano blockchain has a total market capitalization of $32 billion.

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