ShapeShift Teams with Civic to Improve Prism’s Securitybr>
Civic is an identity verification and management service that allows consumers to protect and authorize the use of their identities in real-time. Civic is spearheading the development of an ecosystem that is designed to facilitate on-demand, secure, and low-cost access to identity verification services via the blockchain. The company recently introduced a Civic token that participants in the ecosystem will use to provide and receive identity verification-related services. Civic sold $33 million of its tokens during its token sale event in June.
ShapeShift launched Prism in May. The platform provides users with the ability to secure a basket of cryptocurrencies without exposure to third party risk. The platform is built using ethereum-based smart contracts that enable investors to construct a crypto-portfolio with a broad range of cryptocurrencies to choose from including bitcoin, ethereum, Litecoin, Dash, Monero and Golem.
Through the partnership with Civic, ShapeShift and its Prism platform hope to gain the trust of users and illustrate that cryptocurrencies are truly available to everyone.
To use verified ID with Prism, users must download the Civic mobile app and complete an identity validation process. The process verifies credentials to ensure ownership of the identity and establishes the required level of trust. According to the official release, the data is fully encrypted in the Civic app on users’ devices, not stored by Civic or Prism, making it impervious to typical data breaches and protecting the user’s identity.
“ShapeShift was excited to integrate with Civic for our Prism platform as it allows us to further align with our dedication to providing strong security features across all of our offerings,” said ShapeShift chief marketing officer Emily. “We are fanatical about user security and are happy to be able to provide further protection for our customer’s identities and financial assets from the growing trends of cyber fraud and identity theft.”
“We are pleased to welcome ShapeShift’s Prism platform to Civic’s Partner Network,” said Civic CEO Vinny Lingham. “This collaboration marks another milestone on our roadmap to building our global ecosystem for on-demand, secure, and low-cost access to identity verification services.”