Together with Archblock, the team behind the TrueFi protocol, MetaMask Institutional and Parallel Markets, Circle Internet Financial has built the first proof-of-concept for “know your business” (KYB) verification using Verite for decentralized digital identity credentials.
Verite credentials are portable, interoperable and easily stored in a crypto wallet. Critically, these privacy-preserving credentials eliminate the need for sharing personally identifiable information and users have total control over when and how their identity attestations are accessed by different organizations or protocols that accept the credential.
The same credentials can also make it simpler for protocols to protect against bad actors in their networks and can help ensure the integrity of a community by providing KYB requirements.
“Circle believes in the value of open software on the Internet and that the preservation of privacy should be enshrined as a design principle,” said Jeremy Allaire, Co-Founder and CEO of Circle. “Using Verite to build an open network for decentralized identity is an important step toward bridging the compliance requirements of financial regulations with the Web3 ethos of decentralization, privacy preservation and user ownership.”
Circle intends to issue KYB credentials free of charge to its customers and accredited institutions. Web apps, mobile apps, and smart contracts will get the benefit of identity-verified participants from the simple check of a KYB credential, without needing to collect or store sensitive user information.
“Decentralized identity has the power to provide organizations and their members with direct control over how, when and where their information is shared,” said Johann Bornman, Global Product Lead at MetaMask Institutional. “Decentralized Identifiers (DIDs) standards could enable various on-chain use cases while preserving the values of permissionless innovation and respecting privacy. We are excited to partner with Circle, Verite, and TrueFi to explore ways for businesses to more seamlessly interact within Web3.”
“Archblock believes in paving the way for institutions to onboard into DeFi and Web3,” stated Bill Wolf, Chief Investment Officer at Archblock. “Working with Circle to leverage the Verite credential provides critical infrastructure needed to guide Institutions into the decentralized world with confidence. As we continue to drive adoption, working with Verite will help us reach our goals in a faster, more frictionless way.”
Circle joined other crypto and blockchain companies in February 2022 to introduce Verite as a open-source framework for decentralized identity credential issuance, custody and verification. Verite is designed to help make it safer, easier and more efficient to do business across the transformative worlds of DeFi and Web3 commerce. Unlike alternative approaches to digital identity that involve proprietary tokenization or centralized approval mechanisms, Verite is decentralized, open-source and free for anyone to build upon.
Businesses interested in receiving KYB credentials can request early access here circle.com/en/verite-kyb.
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is powering always-on internet-native commerce and payments and is the issuer of USD Coin (USDC) and Euro Coin (EUROC). Today, Circle’s transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through the frictionless exchange of value. Learn more at https://circle.com.
About ConsenSys and MetaMask Institutional
ConsenSys is a leading Ethereum and decentralized protocols software company. We enable developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. Our product suite is composed of Infura, Quorum, Codefi, MetaMask, MetaMask Institutional, Truffle, Diligence and our NFT platform. MetaMask Institutional is the DeFi wallet and Web3 gateway for organizations. We offer unrivaled access to the DeFi ecosystem with institution-required security, operational efficiency, and compliance. We enable cryptofunds, market makers, trading desks, and DAOs to trade, stake, borrow, lend, invest, bridge assets, and interact with over 17,000 DeFi protocols and applications.
Archblock is a global financial technology firm building the world’s most transparent and efficient asset management platform on top of the TrueFi protocol, a decentralized protocol powering global lending. The TrueFi protocol is the first and largest decentralized credit market for crypto-native and real world credit on the blockchain. Built on Ethereum and Optimism, TrueFi acts as a modern lending infrastructure connecting lenders with borrowers and expert portfolio managers, each offering unique financial opportunities. Learn more at https://archblock.com.
About Parallel Markets
Parallel Markets is an identity infrastructure company working with over 75 financial institutions. Parallel works directly with investors and platforms to simplify the onboarding and verification process across both Web2 and Web3. Investors using Parallel have complete control over access to their investor credentials and can access new platforms in a single click or express their identity via the recently-launched Parallel Identity Token. Parallel supports verifications for both individuals and entities with an entire suite of identity products to help make onboarding processes more streamlined.