Blockchain Platform-Equifax Team Up for KYC Solution

Blockchain Platform-Equifax Team Up for KYC Solution

A blockchain platform is partnering with Equifax to build a KYC solution for web3 companies, according to a press release from the platform, Oasis Labs.

The partnership will allow Oasis Labs to integrate the KYC, or Know Your Customer, solution into its Oasis Network, which the company calls "a privacy-first blockchain platform that supports confidential compute, individual data rights and governance that puts sensitive data to use while keeping it secure and private."

The two companies are partnering under guidance from 2021 Financial Action Task Force guidelines that web3 companies should perform identity verification and KYC for regulatory compliance.

"As the web3 economy continues to evolve, so does the need to further expand and evolve identity management and KYC solutions to help reduce risk and instill confidence in on-chain transactions," said Joy Wilder Lybeer, senior VP of global partnerships at Equifax.

In 2018, a16z led a private token pre-sale and raised $45 million for the startup. Accel, Binance, Pantera, Polychain, Metastable, Foundation Capital, Electric Capital, DCVC, and Coinbase co-founder Fred Ehrsam all contributed, according to reports.

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