AllianceBlock, the first globally compliant decentralized capital market, and GBG, the global specialist in identity data intelligence, have today announced a strategic partnership aiming to close KYC/AML gaps in the DeFi industry, bringing DeFi and institutional finance even closer together.
The partnership will see GBG’s identity verification solutions integrated with AllianceBlock’s decentralized protocol. Following this, GBG will generate signed, anonymous, and reusable verification reports which AllianceBlock will store on chain. AllianceBlock will offer these reports to its clients and network participants through its Trustless KYC/AML and Identity Verification product, one of the eight products the firm is currently developing.
This will enable numerous new use cases including allowing crypto users to only undergo KYC once, and subsequently be able to prove their eligibility for sales and other activities without having to share personal information with multiple providers. It can also be used by traditional firms for non-crypto activities, offering a streamlined process that maintains full compliance with regulations.
Matthijs de Vries, CTO and Co-founder of AllianceBlock said, “A trustworthy KYC is not a ‘nice to have’ but a need to have. These processes play a vital role in tackling illegal activity and represent a critical cornerstone of good business. Further to this, compliance can be costly. Individuals have to go through the same KYC check for each institution, creating a larger data footprint which must be managed in a compliant manner with legislation like GDPR. The AllianceBlock Trustless KYC/AML and Identity Verification product aims to allow users to prove their identity in a trustless manner while letting them retain control of their data. It is envisioned that the product, which will now leverage GBG’s world class identity data intelligence software, will be used by both traditional legacy institutions and DeFi firms as a more efficient alternative to current KYC processes, offering an improved solution both business leaders and investors can trust.”
GBG provides fraud and compliance management, identity verification, and location data intelligence to over 20,000 customers worldwide. In September 2020, GBG was named KYC and AML leader by Chartis Research, recognizing its functionality, interconnectivity innovation, and clear strategy for sustainable, profitable growth, as well as its ability and commitment to tackling financial crime.
Boris Huard, EMEA Managing Director for GBG said “We’re delighted to partner with AllianceBlock to support its innovative use of our leading identity verification platform. AllianceBlock is a pioneer in offering their consumers the possibility of a reusable identity, improving access to services from multiple providers, and significantly reducing risks of fraud. As well as making online transactions safer, simpler and more secure, GBG solutions enable AllianceBlock to focus on its own business growth, as well as those of its customers.”
Rachid Ajaja, CEO and Co-founder of AllianceBlock said, “At AllianceBlock, we are focused on building reliable, compliant products TradFi and DeFi need in order to bridge the two worlds together. As we know, at present, the two still exist in silo to a large extent and we want to change that. This partnership with GBG, a company trusted by leading global companies, is a huge step forward for us in achieving this goal.”
The AllianceBlock team is made up of ex-JP Morgan, Barclays, BNP Paribas, and Goldman Sachs investment bankers, combined with serial entrepreneurs and global leaders in software development and blockchain. Since its inception, AllianceBlock has been making strides in the DeFi industry from all angles, having joined the London Stock Exchange Group’s Partner Platform, and announcing partnerships with Chainlink, Ocean Protocol, Injective Protocol, Orion Protocol, CertiK, and many more.
Matthijs de Vries, CTO and Co-founder and Rachid Ajaja, CEO and Co-founder of AllianceBlock, and Boris Huard, EMEA Managing Director of GBG, are available for interview.