First Korean virtual asset exchange to adopt ‘MyID’
On April 1st, Bithumb Korea (CEO Jae Won Choi) announced its engagement in the blockchain-based, digital identification organization, ‘MyID Alliance’. Bithumb Korea is the first Korean virtual asset exchange to implement the distributed identification (DID) service performed by the organization.
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Bithumb Korea will participate as a Growth Partner. 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’, Bithumb’s customers benefit from a streamlined authentication process and reinforced protection of personal data.
‘MyID’ is a blockchain-based authentication platform that assists users in bypassing the tedious 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, thereby enhancing security.
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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. Last June, the local regulatory body, Financial Services Commission (FSC), designated the platform as an exceptional case service, and granted access to the sandbox program for financial institutions.
A representative from Bithumb Korea stated “the partnership with ‘MyID Alliance’ for distributed identification (DID) allows for streamlined personal IDing and authentication, reinforced security and improved convenience for virtual asset trading”. In addition, “Moving forward, the company will keenly adopt innovative blockchain and IT based solutions, as it evolves into a comprehensive, digital finance platform”.
