Trade.io Forms Alliance With SelfKey to Make Registration Processes on Crypto Exchanges Proficient
Cryptocurrency exchange, trade.io has revealed that it will be partnering with SelfKey, a self-sovereign identity system, to rid the typical registration processes for exchanges into one that is simple, effective and time-saving.
The decision for such a partnership came from the trade.io’s community of followers, as many crypto investors have supposedly become tired of the “security and back office delays”. To ensure that the community is satisfied with what trade.io has to offer, SelfKey’s help was evident.
To make things simpler, users will have to input their respective Know Your Customer (KYC) onto SelfKey’s platform. After doing so, some steps will be taken to ensure that the embedded details are accurate, this supposedly includes the likes of government-issued ids, that prove one of his or her identity. With users’ consent, SelfKey will safeguard the verified information and have forms automatically filled up and provided to the cryptocurrency exchange.
This system appears to work in similar ways to one where users fill out a form online and are asked whether or not they would like their information saved for future uses.
As part of their partnership, trade.io will also be listing SelfKey’s native token, KEY onto its exchange, with a possible airdrop announcement in the near future.
Both leaders involved have voiced their joy with the partnership. CEO of trade.io, Jim Preissler spoke highly of both SelfKey’s token and entire system. Adding that a “partner with SelfKey as their KEY token has traded over 1 billion dollars in the last week […] We feel their approach to Self-Sovereign identity is secure, efficient and will integrate perfectly with our exchange.”
In response, the Founder of SelfKey, Edmund Lowell, sees the potential trade.io has, stating that they are “pleased to announce partnership with trade.io as they are one of the most promising new exchanges of 2018”.