Bithumb Korea to join MyID Alliance and use its blockchain based, digital ID service

As a result, the Korean virtual asset exchange will be implementing the distributed identification (DID) service performed by the alliance. Following the initial setup of the MyID system, the service will be integrated with the virtual asset trading platform and additional Bithumb products. By adopting MyID, the crypto exchange offers its customers an authentication and personal data protection solution.

MyID is a blockchain-based authentication platform that assists users in bypassing procedures involved with submitting proof of identity by storing identification data in personal devices and retrieving select data at the time of authentication. In addition, MyID is built on blockchain and biometric authentication technology.

Currently, MyID Alliance is composed of 57 partners, ranging from large corporations including Samsung Electronics and Posco, as well as financial entities such as Shinhan Bank and IBK Bank. The platform was designed by the local regulatory body, Financial Services Commission (FSC), in June 2019.