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Fractal teams with ConsenSys-backed Gnosis to drive financial inclusion

Wednesday 6 November 2019 09:24 CET | News

Fractal, a Berlin and Singapore-based identification management upstart, has teamed up with Gnosis to offer banking-grade compliant solutions that promote an open transnational financial ecosystem.

Gnosis Limited (Gnosis) has developed a conditional token standard allowing users to predict the outcome of multiple events and gain insight into their relationship. The partnership will benefit future users of Sight, a market prediction platform by Gnosis. Fractal’s identification solution will bring bank-grade compliant ‘Know Your Customer’ (KYC) and ‘Anti-Money Laundering (AML) capabilities to Sight’s operations.

Per McKinsey’s Digital Identification 2018 report, there are an estimated 4.4 billion people around the world who either do not have a legally recognised form of identification (ID) or do not have a digital trail, according to the official press release. Having good digital ID is highly beneficial, not only providing civic and social empowerment but also creating opportunities for financial inclusion.

Gnosis builds decentralised infrastructure on Ethereum, including prediction market protocols and standards. Gnosis is also the first project founded within and spun out of blockchain venture studio ConsenSys, a global blockchain technology company building the infrastructure, applications, and practices that enable a decentralised world.

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Keywords: Fractal, identity management, identity verification, financial inclusion, blockchain, decentralised, banking, Gnosis, AML, KYC
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Singapore
This article is part of category

Securing Transactions