Blockpass, UniLend Partner For KYC And AML Screening And Fundraising Process

Announcements, Blockchain, News | November 25, 2020 By:

Self-sovereign identity application Blockpass has announced a successful working partnership with decentralized finance (DeFi) platform UniLend.

Blockpass is digital identity application and service that provides a streamlined and cost-effective user on-boarding process for regulated industries and any kind of online service. Its KYC solution, called KYC Connect, uses blockchain technology and smart contracts to solve tedious KYC and AML compliance procedures. It reduces sign up friction and increases conversions. It also enables users to get approved and whitelisted once for near immediate access to multiple merchants and service providers.

UniLend is a permission-less DeFi protocol that combines spot trading services and lending/borrowing functionality within the same platform. While current DeFi protocols support only ~30 assets, anyone can list any ERC20 asset on UniLend for decentralized trading and lending/borrowing.

UniLend recently conducted a successful fundraiser, with Blockpass providing the requisite KYC and AML provision in order to meet regulatory compliance. By handling the compliance measures, the UniLend team were able to focus their efforts on the actual fundraising process.

“Working with Blockpass we KYC verified 1,000 people in a 48 hour period. They took care of everything so we could concentrate on our fundraise. Their team were fully committed to our success and it was a pleasure to work with them,” said UniLend Co-Founder and CEO Chandresh Aharwar. “They covered everything we needed with instant KYC/AML checks and a dashboard where we could review the data. What is best is the no set up time we needed to add Blockpass – just create an account and get going. Can’t recommend their service enough.”

Blockpass continues to develop its digital identity protocol with updates and additions to improve the compliance experience. Blockpass has seen rapidly increasing numbers of users in the past year as its identity verification solution is used for ICOs, STOs and IEOs, including supporting a number of successful fundraisers in the past few months.

“We are seeing a huge rise in DeFi applications as more and more people begin to realize the amazing potential it holds,” said Adam Vaziri, Blockpass CEO. “It is a real pleasure to be working with UniLend as they facilitate the growth and development of DeFi and support its move towards mainstream markets. It has been a great test of our KYC and AML provision and we look forward to continuing working closely with them in the future.”