iDenfy is set to be responsible for bettering the infrastructure’s security by helping ensure secure digital asset transactions and deterring fraud with full-stack ID verification.
Per the announcement information, DripDropz’s main challenge is finding a balance between privacy and compliance. Although identity verification measures help prevent illegal activities and ensure regulatory compliance, Cardano community users are known to emphasise the importance of having privacy and anonymity preserved. As such, DripDropz integrated iDenfy’s identity verification solution tailored to crypto users to mitigate fraud risks and remove concerns related to centralised identity verification systems.
The integration helps ensure a simple and trustworthy user verification process, mitigating account takeover (ATO), data breaches, and other risks while improving overall security. The iDenfy collaboration lets DripDropz leverage a frictionless Know Your Customer (KYC) solution that meets the needs of the platform’s user base, while also enabling it to provide increasingly secure and reliable services, promoting confidence and trust within the crypto space.
iDenfy’s KYC software incorporates techniques such as document verification, liveness tech, and biometric authentication to ensure user identities’ accuracy and integrity, the verification system allowing customisation to incorporate a two-tier approach. A simplified verification process can be carried out to confirm user identity during registration, whereas a more comprehensive one can be conducted for depositing funds via payment providers while focusing on a simplified process and user experience.
Commenting on the announcement, Domantas Ciulde, the CEO of iDenfy said that the collaboration with DripDropz sets a new industry standard for ID verification in the blockchain, adding that by focusing on security and user experience, the company marks a milestone in having a safe and trusted environment created for users engaging with token rewards.
The press release details that the Cardano community, together with the projects and stakeholders, are actively engaging in discussions related to security topics to help ensure extensive fraud prevention and compliance in the cryptocurrency system. Despite this, according to iDenfy, the nature behind digital assets and their users lies in having the principles of decentralisation and user privacy preserved.
A proof-of-stake blockchain platform, Cardano develops technologies to provide security and sustainability to decentralised applications, systems, and societies, one of its niche members being DripDropz, iDenfy’s partner. As of now, the quickly scaling platform has more than 27,000 registered users leveraging the intuitive platform’s extensive selection of distribution parameters.
DripDropz looks to become a hub for token rewards, where projects thrive and delegates can benefit from an extensive array of tokens, with officials claiming that by fostering inclusivity, they’ve helped create an ecosystem that benefits all involved. Its user-friendly interface helps simplify the withdrawal process and enables users to claim their tokens in an easy manner. By providing a wide selection of tokens, DripDropz looks to ensure that users can select rewards that are in alignment with their preferences and investment goals.
For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database.
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