TORONTO, Aug. 26, 2021 /PRNewswire/ -- Los Angeles-based KYC-AML regulatory technology provider Netki is now working with blockchain technology provider Polymath to bring blockchain-specific identity verification to Polymesh, a permissioned blockchain purpose-built by Polymath for security tokens. The collaboration will help protect against fraudulent account creation while ensuring the onboarding process to the chain is easy and efficient for global users.
Most public blockchains were built for pseudonymity and find it difficult to comply with securities regulations around identity. Polymesh solves issues with public infrastructure through key design principles built into the chain's core, providing for the first time a chain that is built from the ground-up to be compatible with capital market needs. Securities issuance and transfer requires a known identity, and Netki will assist the chain in meeting this need by providing Polymesh with a remote identity verification process purpose-built for blockchain.
Polymesh employs a 2-layer identity check to ensure that every action is tied securely and confidentially to a single real-world identity while preserving individual users' privacy and enabling separation of their holdings across multiple digital representations. The first layer controls access to the blockchain while the second controls access to the specific asset, as managed by the issuer or their agent.
In addition to existing identity verification provider Fractal ID, users can complete the first layer of this identity check and onboard to Polymesh using Netki's identity verification process. For the second layer, users can work with Fractal, Netki, or an alternate KYC provider of their choice. The multiplicity of options for identity verification helps to preserve the decentralized nature of the blockchain.
"Polymesh has been a clear leader in building the necessary infrastructure for the Security Token ecosystem," says Justin Newton, Co-Founder and CEO of Netki. "We share Polymath's vision that all securities can be digital and tokenized, and are excited to contribute to that vision as an identity verification provider on Polymesh."
Netki is a KYC-AML regulatory technology provider developing remote identity verification solutions purpose-built for blockchains. Its flagship KYC and AML solution OnboardID has licensed validations for over 1 million identity documents and its products have been included in the ecosystems of various big players like the IBM blockchain ecosystem, Amazon Web Services Partner Network, Microsoft Azure Blockchain as a Service, among others.
In addition to providing a smooth onboarding experience for Polymesh users, Netki will also help facilitate greater diversity on the chain. Unlike other onboarding solutions, Netki's solution is built with diversity in mind and can identify users from a wide variety of skin tones, reads over 5000 global ID documents, recognizes various native alphabets, and offers multilingual support.
"Netki's focus on digital assets gives us confidence that they can meet security token issuers' and and investors' needs, regardless of their jurisdiction or regulator of record," says Chris Housser, Interim CEO at Polymath. "Identity verification providers are integral to Polymesh, and we've thoroughly enjoyed collaborating with Netki to create a solution that makes sense for the market and for the community."
Polymesh is currently in testnet phase, with mainnet launch anticipated for later this year.
Founded in 2014, Los Angeles-based Netki is the only KYC-AML regulatory technology provider developing remote identity verification solutions purpose-built for blockchains. TransactID is the first and most inclusive Travel Rule solution. It is the only solution that includes both VASPs and non-custodial wallets, and now with TransactID Bridge can interoperate with other major Travel Rule networks. Its flagship KYC and AML solution, OnboardID has licensed validations for over 1 million identity documents. Netki's scalable, flexible, automated technology increases trust in regulated transactions on the parts of sellers, buyers and regulators. Its products are included in the IBM blockchain ecosystem, Amazon Web Services Partner Network, Microsoft Azure Blockchain as a Service, PwC Australia's Digital Asset Services, and the Bitt's Central Bank Digital Currency platform and mMoney mobile wallet. For more information, visit netki.com.
Polymath makes it easy to create, issue, and manage security tokens on the blockchain. More than 200 security tokens have been deployed using our Ethereum-based solution and we are now in the midst of launching Polymesh, an institutional-grade blockchain built specifically for regulated assets. It streamlines antiquated processes and opens the door to new financial instruments by solving the inherent challenges with public infrastructure around identity, compliance, confidentiality, and governance.
Watch this 2-minute demo to see the process of issuing a token on our new purpose-built blockchain, Polymesh, in action, or visit https://polymath.network to learn more.
Polymath is not a broker-dealer, funding portal, trading platform or otherwise engaged in the business of trading in securities or providing advisory services regarding the issuance, buying or selling of securities. Polymath is not making any recommendation or giving any advice with respect to any company or proposal discussed in this communication.