Crypto Exchange ADAX Integrates Blockpass’ KYC Connect Solutionbr>
Virtual currency exchange ADAX has integrated the KYC Connect solution of self-sovereign identity application Blockpass.
ADAX, a licensed as an Overseas Virtual Currency Exchange (OVCE) with the Cagayan Economic Zone Authority (CEZA) in the Philippines, provides a variety of services, including an asset-backed security token issuance platform, a security token investment platform, a regulated exchange for secondary trading of utility as well as security tokens, and a fiat-digital assets gateway. ADAX aims to enable investors and corporations with opportunities that will see more liquidity, fair pricing and greater transparency through the use of blockchain technology.
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.
By integrating Blockpass, ADAX’s token issuance and exchange platform will gain KYC, AML and Face Match capabilities that are simple, quick, and maintain user privacy and control. In addition to these services, Blockpass announced its native utility token PASS on ADAX and Basetrade in early December. To kick off the listing and celebrate the successful integration, Blockpass has announced it will give 400 PASS tokens to the first 1000 users of the ADAX platform who complete their KYC using the Blockpass App. PASS will be distributed within 24 hours of users completing their KYC with ADAX using Blockpass.
“We’re excited to be able to provide our proprietary eKYC services to an innovative and forward-thinking company such as ADAX.” said Blockpass CEO Adam Vaziri. “We are always looking to improve the stressful and irritating process of KYC regulation compliance, but working to do this with cryptocurrency exchanges such as ADAX is always a pleasure. Providing a new avenue to purchase our revolutionary PASS tokens through this partnerships also serves to provide added value to our users.”
“The digital tokenization of assets eliminates major barriers faced by projects and investors in the current global marketplace infrastructure,” said Wojtek Kaszycki, ADAX President. “Through ADAX and blockchain technology, we will be able to bring a channel of liquidity and fair pricing for these assets through a cross-border investment system that is fully compliant and regulated. And as we partner with Blockpass for digital identity verification and compliance solutions, we are able to provide consumer confidence to satisfy global requirements for regulation and compliance.”