RegTech startup Velix.ID has been wheeling and dealing the past couple of weeks, adding a handful of strategic partnerships ahead of their upcoming ICO. New partners include crypto exchanges Coinsecure and Bitxoxo, and the online marketplace Bazista.
The Bazista deal is focused on keeping user data secure and creating an easy and intuitive shopping experience. Bazista is developing an online marketplace which will use cryptocurrencies and digital assets as primary payment methods. The company is currently running an ICO and hopes to launch their platform by the end of this year.
The partnerships with Coinsecure and Bitxoxo, two of the largest cryptocurrency exchanges in India, are focused on improving the KYC compliance process and the negative impact it has on user registrations. (translation: it’s a nightmare)
“The current process of KYC and identity verification is too troublesome and tedious for us as a Cryptocurrency Exchange” stated Mohit Kaira, CEO of Coinsecure.
What Mohit is essentially saying is that the current signup process is hurting his business. And that won’t come as a surprise to anyone in the financial world. It takes way too long, the requirements seem to vary from site to site, country to country, and users simply don’t want to deal with it.
Nothing a user does online in in the world we live in today should take 3-4 days. And if it does, that user is going to be surprised and likely annoyed. People can barely wait 3-4 days for packages to be delivered (thank you Jeff, Amazon).
Having a simple, clean signup process is vital for every web-based company. Even a small improvement could have a big impact on conversions. And if they can really pull off a seamless solution which eliminates that user wait time, that would be a game changer. Velix.ID would be armed with a powerful case study to shop up and down the financial sector.
So how does it work?
It begins with decentralized data storage. Data is stored on a public ledger instead of a database somewhere, just waiting to be hacked. And by changing that, it immediately empowers the user, giving them full control of how and when their data is being used. Velix.ID provides users an 8-digit alphanumeric ID, which is all they need to share their data.
A simple, seamless solution which allows consumers to decide who they share their own data with? It’s almost shocking how normal that sounds. Which goes to show how conditioned we have become as a society to just surrender any hope of data privacy to big brother and the corporations.