Kyber Network, a decentralized exchange service that enables instant conversion of crypto-assets with guaranteed liquidity today said they will be utilizing and integrating with traceto.io, the decentralized Know Your Customer (KYC) network.
Traceto.io is a leading company promoting more sound KYC checks within the blockchain sphere. This company has identified some important issues within current KYC systems such as the false assumption that anonymity overrides anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. In response, they have brought together experienced personnel to build foolproof KYC processes, promoting stronger communities of transparency and responsibility.
The Kyber collaboration with traceto.io started during the Kyber Network Initial Coin Offering in 2017. During that time the traceto.io parent company helped the Kyber team automate its KYC ICO process, ensuring they enlisted reputable and trustworthy individuals into the initial stages of its platform.
The Kyber Network team said:
“Both our companies have come incredibly far since that initial collaboration, and we are overjoyed to be working with this team again. As soon as the traceto.io platform is up and running, we will be integrating with them to enhance our KYC program, ensuring that Kyber Network meets the necessary regulatory obligations.”
Additionally, it was announced that Mr. Chionh Chye Kit, the Managing Director of Cynopsis and CEO of traceto.io, will be joining the Kyber Network Board of Advisors. The Kyber Network CEO, Dr. Loi Luu and Executive Advisor, Mr. Wong Lee Hong, will also be joining traceto.io in advisory positions.
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