This week sees the announcement that capital management firm Sarson Funds is using Blockpass’ On-Chain KYC(R) solution, alongside Accountable’s on-chain proof-of-reserve validation, to create the most transparent and trusted stablecoins on the Bitcoin Cash (BCH) and Casper (CSPR) blockchains. The asset-backed U.S. dollar stablecoins will exclusively hold Circle’s USDC as collateral which will be held on-chain with a publicly verifiable address.
According to Sarson Funds, placing ‘pre-compliant’ stablecoins on the Bitcoin Cash and Casper Networks will allow those communities to transact confidently knowing that emerging regulations will not interrupt transactions or turn off token availability for US-based customers. Sarson Funds has deep knowledge of the stablecoin marketplace having run a stablecoin portfolio since 2020 and has multiyear relationships with the development teams at Casper Network and Bitcoin Cash. This launch will be Sarson Fund’s first foray into issuing stablecoins, and they cite increasing demand in both ecosystems as the catalyst for the product launch.
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Blockpass is a digital identity verification provider which provides a one-click compliance gateway to financial services and other regulated industries. Through Blockpass, users can create, store, and manage a data-secure digital identity that can be used for an entire ecosystem of services, token purchases and access to regulated industries. For businesses and merchants, Blockpass is a comprehensive KYC & AML SaaS that requires no integration and no setup cost. You can set up a service in minutes, test the service for free and start verifying and on-boarding users. Currently, with around one million verified user identity profiles, Blockpass facilitates instant onboarding, and to date over a thousand businesses have taken advantage of this opportunity to get access to users, including those with unhosted wallets, with reusable digital identity profiles.
“Over the past two years, it has become clear that stablecoins are a vital part of a blockchain’s ecosystem and that not all stablecoins are created equally.” said John Sarson, CEO of Sarson Funds. “Assuming the eventual passage of the Responsible Financial Innovation Act, stablecoins will need to be collateral-backed and will need qualified banking partners. Modern stablecoins need to meet higher standards for compliance, proof-of-reserves and KYC. The days of stablecoin issuers cutting corners and playing dumb are over.”
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“We’re very proud to have been selected by Sarson Funds to provide compliance measures for such a significant development.” said Adam Vaziri, Blockpass CEO. “Being a blockchain-agnostic solution allows us to help those who require regulatory solutions on any network and with our goals so aligned to Sarson Funds’ we’re delighted to facilitate the projects on BCH and CSPR.”
Blockpass has grown significantly in size and use since its inception, both in the number and range of users and organizations it has partnered with and the scope of its work. Blockpass continues to develop its digital identity protocol with updates and additions to improve the compliance experience. The existential need for DeFi projects to be regulatory compliant and the recent integrations and legal developments have led to a surge in interest for Blockpass’ On-Chain KYC(R), the only live zero knowledge solution for Crypto KYC, and Unhosted Wallet KYC solution finally enabling blockchains and DeFi platforms to have a compliance layer. Through its work with Animoca Brands from early 2022, Blockpass provides a zero knowledge KYC service where the delivery of the verification result is provably sent and shown on a blockchain without sharing the underlying data. This represents a significant step towards the future Blockpass hopes to bring about where identity verification can be proved without revealing any personal information at all.
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