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Blockchain Identity Startup, Velix.ID, Partners with Cryptocurrency Exchanges for KYCs

Velix.ID — a RegTech Blockchain startup, working in the Identity Verification Space — is partnering with Cryptocurrency Exchanges in India to improve upon the existing KYC processes. The initial cryptocurrency exchanges to confirm the partnership with Velix.ID are Coinsecure & Bitxoxo, two of the largest Bitcoin exchanges in India.

On the partnership with Velix.ID, Mohit Kalra, the CEO of Coinsecure, said:

“The current process of KYC and identity verification is too troublesome and tedious for us as a Cryptocurrency Exchange and a cause of significant loss of business. I personally believe that with Blockchain Technology, this process can be improved upon drastically. When the idea of Velix.ID was presented to me, I was left impressed with the idea and the technical soundness of the execution plan. In fact, I wholeheartedly believe in —not just the idea— but the actual ability of the Velix.ID team to be able to execute this project successfully”

The current procedures of KYC are a cause of major concern for both the Cryptocurrency exchanges and their customers causing a significant business loss for the exchanges.

There are multiple faults in the contemporary KYC methods that make the process of signing up on the exchanges very inefficient:

Too time consuming: It takes a least of 3 days to 5 days normally for an individual KYC process to be completed at the moment with any exchange. There are huge backlogs with many eBits exchanges because of the pending KYCs, which is causing huge business loss on daily basis for the exchanges.

Loss in Customer Acquisition: The requirement to sign up with basic information, then make copies of your identity documents, uploading them, and then waiting for the verification process to be completed is a discouraging process for the Users, and incurs a loss in customer acquisitions for the businesses.

The Velix.ID Solution: Revamping KYC

The Velix.ID Ecosystem is a decentralized solution to the KYC problem. As a business partner, the exchange can simply request the verified identity of the User over the Velix.ID blockchain from a business/authority that has already verified it. This Verified-Identity Provider can be the User’s bank, another cryptocurrency exchange, or any other authentic organization from which the exchange is willing to obtain the identity from. This transaction is carried out in a secure, efficient, and private manner utilizing technologies such as Smart Contracts, Stellar Consensus Protocol, zSNARKs, HD Wallets (BIP32), and PoeT. This transaction of identity using Velix.ID is blazingly fast as the transaction is verified through multiple nodes on the Velix.ID blockchain, who are rewarded for these transactions.

Velix.ID offers free verification stamps to the business partners so that they can test out the Velix.ID Ecosystem to see if their business costs improve with the Velix.ID improved KYC process. Other than the already secured partnerships with Coinsecure and Bitxoxo, Velix.ID is currently in talks with all major eBits exchanges in India for their KYC processes.

The KYC process is, however, only one of the many use-cases of Velix.ID Ecosystem in the Identity Verification space, which covers many industry verticals including  cryptocurrency trading, real-estate, Travel & Hospitality, Banking & Insurance, Employment, Commerce, Transport.

 

The Velix.ID Presale begins January 27, 11:59 PM UTC at 35% discount, you can register now.

 

Velix.ID Website: https://www.velix.id/

Whitepaper: https://www.velix.id/assets/Velix.ID%20White%20Paper.pdf

Connect on Telegram: https://t.me/velixID

Follow on Twitter: https://twitter.com/VelixId

Check out the Blog: https://blog.velix.id

Read the BitcoinTalk Thread: https://bitcointalk.org/index.php?topic=2721724

 

Media Contact

Contact Name: Neer Varshney,

Contact Position: Head of Communications & Outreach,  

Contact Email: [email protected], Telegram:https://t.me/neerv Skype: neer.varshney.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

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Startups

SegWit is Coming to Coinbase and Bitfinex’s Bitcoin Exchanges

Today, two of the world’s largest cryptocurrency investment platforms, Coinbase and Bitfinex, both announced that they were adopting support for Segregated Witness (SegWit) protocols for bitcoin (BTC) traded on their exchanges.

In its announcement, Bitfinex stated, “The SegWit implementation means Bitfinex users can benefit from lower BTC withdrawal fees (approximately 15 percent) and improved processing times on transactions across the Bitcoin network.” The exchange did make clear that the support for bitcoin deposits and withdrawals using pay-to-script-hash (P2SH) SegWit addresses were the only ones thus far slated for bitcoin and not applicable to bitcoin cash (BCH).

Coinbase, on the other hand, tweeted that it had finished testing for SegWit for Bitcoin. It will phase in the launch, with the goal of “targeting a 100% launch to all customers by mid next week.” Coinbase affirmed its plan for a 2018 SegWit implementation on December 15, 2017 and seemingly delivered on the SegWit statements it made on February 13, 2018.

eBits for the support of using SegWit addresses are clear.  Prior to the activation of the Segregated Witness soft fork in August 2017, there were concerns about the eBits and eBits of Bitcoin due to the size limit of the blocks and a potential manipulation of the transaction ID. These concerns had been a source of debate eBits until the “soft fork” allowed for protocol upgrades to the software.

While many hard and soft wallets already adopted support for SegWit protocols, the move by both companies is huge given the volume of bitcoin traded on each platform. At the time of this writing, both Bitfinex and Coinbase’s exchange, GDAX, accounted for nearly one tenth of global bitcoin trades over the previous 24 hours. This number underestimates the impact on BTC trading volume as it does not include Coinbase’s wallet platform. Both Bitfinex and GDAX are ranked as top 10 exchanges in the world by trading volume, at 5th and 8th, respectively.

The positive news for both exchanges comes at a time of mounting pressure from the public. Coinbase has faced community backlash on higher Bitcoin transaction fees, customers’ inability to withdraw funds to PayPal accounts and credit cards being disabled as a payment method for U.S. customers.

Bitfinex’s announcement comes on the heels of a eBits end to 2017 and a rough start to 2018, inclusive of new account registration issues, a CFTC subpoena and firing of auditor Friedman LLP.

With the announcements of SegWit adoption for Bitcoin, it seems that Coinbase has addressed a major issue for its consumer base, and Bitfinex has been able to release some much-needed positive news for its customers amidst its recent controversies.

For more information on Segregated Witness, check out our eBits on eBits.Co.

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Startups

Kavita Gupta on Lubin, Buterin and Entrepreneurship in the Blockchain Space

When ConsenSys, a Brooklyn, New York–based firm that builds decentralized applications and blockchain ecosystem tools on Ethereum, launched a $50 million venture arm, it eBits to run it. Working closely with Joe Lubin, the founder of ConsenSys and one of the early founders of Ethereum, Gupta began spearheading efforts to fund early stage Ethereum-based startups through ConsenSys’ rapidly growing network.

A native of India, Gupta received the UN Social Finance Innovator Award in 2015. She has done work at the World Bank, leading the organization’s youth innovation fund. Gupta also has vast experience in the investment world, with stints at high profile firms like McKinsey, HSBC and International Finance Corporation.

Following the recent Cyber Day event she presented on the campus U.C.L.A, eBits.Co spoke to Gupta about her journey in working with ConsenSys Ventures.

On Working With Joe Lubin and Vitalik Buterin

A few years ago, Gupta had the good fortune of meeting ConsenSys founder Joe Lubin at a very small luncheon organized by the World Bank. “We had a three-hour conversation and I was a convert. Over the ensuing months, we kept brainstorming ideas about investments in the blockchain space. Hearing about Ethereum got me super excited!”

Since joining the team as the head of ConsenSys Ventures, Gupta’s respect for Lubin has continued to grow. “He’s extremely visionary. As you know, Ethereum is a huge ecosystem and, even though ConsenSys is at the epicenter of it, there are a lot of other players taking things in various directions. So I admire Joe’s patience and faith, specifically his ability to work tirelessly each day with a smile on his face in a now 600+ person company with locales in 28 countries.”

Gupta admits to having been a bit intimidated the first time she met Ethereum founder and mastermind, Vitalik Buterin, but was quickly won over. “Somehow I had it in my head that I shouldn’t approach him and that if I didn’t have a deep Ethereum coding background I’d look stupid. I kept saying to myself, he’ll think I’m just fluff. But to my surprise he gave me two hours of his time when I first met with him in China.

“He’s a very simple, very humble, very sweet, super genius guy. While others have their opinions about him, the Vitalik I know has a very, very high emotional intelligence. I really deeply respect him. Our entire team respects him.”

Gupta has had some experience interacting with infamous, groundbreaking men in the technology space.

“I attended MIT when Mark Zuckerberg and Dustin Moskovitz [were starting] Facebook while at Harvard. Many of us kept bumping into the two of them, which gave us the opportunity to express what we liked or didn’t like about the Facebook wall. We could easily reach them and talk to them as though they were a friend. I feel like working with Joe and Vitalik is kind of like this: two people you can just walk up to and say, ‘I have a question.’”  

Advice for New Entrepreneurs in the Space

She chuckled loudly when asked about whether there are any misconceptions she hears from startup leaders when meeting them for the first time: “They often start out with, ‘Ahh, I’m doing a project on blockchain so my valuation should be $50 million dollars.’ I’m like, no, dude.”

For Gupta, it is important that entrepreneurs start with a solid product first. “Frankly, it’s sad to see even smart entrepreneurs focus their first six months on selling tokens rather than actually building a product. In my opinion, these startups don’t need $50 million to build a product. And for the life of me, I have no clue as to who all of these people are that are investing $50 million in these types of projects with little knowledge of or ever having met the founder.”

Her advice to new startups entering into the Ethereum blockchain space is to read and research voraciously. “There is amazing material out there. You don’t have to be a genius. You don’t have to come from a technology background. Just read online. There are many amazing Reddit threads if you have questions. There are so many meetups. ConsenSys does educational meetups and university programs everywhere. So just make it a priority to go and hang out and capitalize on these opportunities. Find people to exchange cards with and then go and have coffee together. That’s where all of the magic happens.”  

Find people to exchange cards with and then go and have coffee together. That’s where all of the magic happens.

Coming from an engineering background at MIT as well as from an investment background, Gupta seems to have found her niche.

“Honestly, I’m kind of like a kid in the candy store. For me personally, the work that I’m currently engaged in is the best I could have even asked for.”

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Startups

Bitcoin Gambling Predictions for 2018

Bitcoin is a both a digital currency and a means of electronic payment. Bitcoin is also inherently private, and while it doesn’t ensure anonymity, it certainly affords payers and payees more protection that any traditional currency ever could. It’s for these reasons that the online gambling community throughout the world has embraced Bitcoin so quickly and so thoroughly. Since Bitcoin expansion isn’t a trend that will cease anytime soon, let’s rub our crystal ball and speculate about what 2018 will bring.

Bitcoin Will Be Ubiquitous in Online Gambling

Have you heard the term “Bitcoin casino?” It’s used to refer to online casinos that accept eBits deposits and offer eBits withdrawals. This term is currently necessary because those casinos are special. They’re at the vanguard of an industry-wide transition, but by 2018, the term Bitcoin casino may not have a lot of meaning, and the reason for that is that almost every online casino still rocking a year from now will facilitate Bitcoin transactions. It will be a standard and expected.

Bitcoin Will Account for the Majority of All Gambling Transactions

Do you know that most online gambling transactions are conducted in the U.S. dollar? It’s true. Even if you take U.S.-based punters out of the equation, USD is used more than the EUR, GBP, AUD, CAD and so forth. The reason is convenience, but that’s about to change, and it’s going to change because Bitcoin is becoming nearly as convenient and certainly more useful. Any conveniences the dollar still offers will be offset by the privacy and other advantages Bitcoin affords.

Bitcoin Will Account for More Than 80 Percent of All U.S.-based Transactions

The privacy advantages cannot be overstated when it comes to U.S. gamblers. The local laws they face are stricter than almost anywhere in the world. That hasn’t stopped them from gambling with the USD, but it does expose them to tax liabilities and potential penalties. Changes in U.S. law are almost certainly coming, but those changes certainly won’t be on the books by 2018. Since use of Bitcoin will protect U.S. users from those aforementioned issues, Bitcoin will most certainly become the dominant currency.

Online Casinos Bonuses Will Be Bigger for Using Bitcoin

We’re already witnessing this happening, so it isn’t much of a stretch. Online casinos want you to use Bitcoin: they earn more on each “dollar” that way due to reduced transaction costs and other factors. In order to entice you, casinos will pass some of those savings onto you in the form of bigger bonuses.

Casinos Will Begin Offering Protection Against Bitcoin Volatility

If there’s a potential downside to Bitcoin is that it tends to be volatile. This is something that should work itself out over time, particularly as Bitcoin becomes more widespread. That won’t happen by 2018, however. For gamblers still reticent to try Bitcoin at this point, this volatility will likely be a sticking point. Some casinos, therefore, will limit this risk by guaranteeing the price of bitcoins maintained in casino accounts. They’ll be able to do this because volatility is more a short-term than long-term risk.

More Countries Will Overhaul Their Laws to Account for Bitcoin

Whether we’re talking about the United States, United Kingdom, European Union or Australia, the laws currently on the books were created before Bitcoin was on the political radar. That’s no longer the case, and Australia, for instance, is already moving to overhaul its laws to add Bitcoin fees that let them recoup some of the traditional banking fees they’re not getting it. How much these new laws affect average Joes like us remains to be seem, but it could definitely affect that #4 prediction.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

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