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Circle Internet Financial collaborated with Archblock, Parallel Markets, and MetaMask Institutional to develop a global flagship proof of concept for “Know Your Business” (KYB) validation.
I learned from Coin Journal that Coin Journal was created using Verite for its digital identity credentials. press release.
Verite credentials are easy to store, portable, and interoperable. These decentralized, privacy-preserving credentials eliminate the need to share personal data.
Users have complete control over how and when protocols or organizations access identity certificates.
These credentials can also ensure the integrity of the community by setting KYB requirements and making it easier to protect the protocol from malicious entities within the network. Circle’s CEO and co-founder Jeremy Allaire said:
We believe in the value of open online software and privacy protection should be considered a design principle. Creating an open network for decentralized identities with Verite is bridging the gap between financial compliance requirements and her Web3 ethos of user ownership, decentralization, and privacy protection. is an important act of
KYB credentials are free for Circle customers. Mobile apps, web apps, and smart contracts can make use of identified participants without the need to store or collect sensitive user information.
Johann Bornman, Global Product Lead at MetaMask Institutional, said:
The decentralized identifier (DID) standard enables a variety of on-chain use cases while respecting privacy and maintaining the value of permissionless innovation. He is excited to work with Circle, TrueFi and Verite to find new ways for businesses to interact more efficiently and constructively within his Web3..
Archblock Chief Investment Officer Bill Wolf added:
Our partnership with Circle to use Verite Credentials provides critical infrastructure for onboarding institutions to the decentralized realm with confidence. Verite helps you reach your goals frictionlessly as you continue to drive adoption.
Circle is the company behind USD Coin and Euro Coin. Verite is open source, decentralized, and free to build. This contrasts with alternative digital identity approaches that include centralized authorization mechanisms or proprietary tokenization.
