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Indian crypto exchange selects Yoti for identity verification

Friday 15 May 2020 06:18 CET | News

Indian cryptocurrency exchange, Shiftal, has teamed up with digital ID and credential management company, Yoti, for identity verification.

Shiftal aims to provide KYC onboarding experience to its platform users by using Yoti’s digital identity app and Doc Scan solutions for automated and expedited KYC verification. The free Yoti app has over 7 million downloads and delivers an identity verification solution. Individuals can instantly share their verified identity attributes at the click of a button or scan of a QR code.

Individuals need to create their Yoti Digital ID once, and can then use this time and time again, across any industry. The Indian exchange offers a bidding system feature for all users, along with a call back request feature to assist platform users with any escalated disputes for resolution. Apart from web, Shiftal has been designed for both iOS and Android platforms.   

Regarding data privacy concerns, all data is encrypted and Yoti cannot see or sell user data to third parties or share any details without explicit user content. Yoti cannot track users and individuals control which details they share, aligning to the emerging global W3C standards for verifiable credentials. Every time information is shared, both parties receive a receipt of what is shared and when.

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Keywords: India, crypto exchange, Yoti, identity verification, digital identity, cryptocurrency, P2P payments
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: India
This article is part of category

Blockchain & Cryptocurrencies