Electroneum (ETN) CEO updated investors today with the following statement:
Hey guys! Rich here with some BIG news: we’re set to become the first cryptocurrency IN THE WORLD to comply with Know Your Customer requirements!
This will make it far easier for us to achieve mass adoption because it’ll open the door to deals with corporates.
We’ve been talking to a number of these businesses for a year. Every single one of them wants us to have KYC in place. The message we’ve been getting from the corporate world has been very clear: no KYC, no partnership.
But that’s changed. Now we’ve announced we’re bringing in KYC, we can move forward with these businesses and integrate ETN as a form of payment for their goods, services and products, and start doing the deals that will enable us to achieve mass adoption.
It’s a hugely exciting step, one that represents our evolution from a cryptocurrency into a recognised means of digital payment like PayPal or ApplePay. But more importantly, it will enable us to help our core market: smartphone users in developing and emerging countries as we can build a network of shops and store that accept ETN where they can spend the ETN they earn.
I believe this is where the future of cryptocurrency lies – as a means of digital payment. The team agree with me and everyone at ETN HQ is hugely excited to have achieved another milestone moment `and to (once again!) be breaking new ground in the crypto world.
How we’ll introduce KYC
One of the things people immediately think about when they hear “KYC” is that it’s complex. It doesn’t have to be. We realised that, and we developed a very simple approach which involves each user providing proof of identification based on the amount of ETN (our digital currency) they hold or send from their wallets.
For our core audience – smartphone users in developing countries – this means they’ll probably have to complete the simplest level of KYC and only provide us with their name and the country where they live – no formal identification is required.
We’re giving our current users plenty of time to comply. You can complete your KYC from today – and there’s five weeks until our deadline of Monday 12th November. Our support team are standing by and will happily help anyone who has any queries.
Partnering with a fellow disruptive brand
A crucial element of our KYC process will be the support from our newest partner, Yoti. If you haven’t come across them before, they’re a digital identity app that will help to streamline and simplify our KYC process by letting individuals prove their identity in seconds and share their verified details. This removes the need for them to present forms of identification multiple times and keeps their documents secure, so everybody wins.
Partnering with them will allow those users who need to provide a more detailed level of KYC to meet our requirements in a way that is fast, simple and robust, and I’m delighted we’ve found a partner that shares our desire to shake up the FinTech world without cutting corners or compromising security.
A massive milestone and a new era
Bringing in KYC is a huge deal for Electroneum – today is a landmark day for us and cryptocurrency as a whole. We’ve paved the way for a new type of cryptocurrency, one that is open and transparent and wants to be used as a true means of payment and be a force for improving people’s lives.
It’s a hugely exciting time – and hopefully will provide the springboard for many, many more!
To catch up with all the latest Electroneum news or to discuss today’s KYC announcement, head over to the Electroneum Community Forum: community.electroneum.com
For more information visit the company profile page: Electroneum ltd