AllianceBlock Launches Its TIDV Solution, Integrates It On Fundrs

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AllianceBlock’s TIDV solution is now live on the mainnet, adding on-chain authentication to the end-to-end infrastructure.

AllianceBlock, a platform that aims to build seamless gateways in DeFi, has announced the launch of its Trustless IDentity Verification (TIDV) solution on Mainnet.

According to the press release shared with TBEN, Fundrs is the platform to integrate the TIDV solution.

The team explained that the Trustless Identity Verification (TIDV) is a blockchain-based application that solves the problem of unreliable sharing of verified data.

TIDV reduces the friction for users to interact with products to be complied with by only having to run the Know Your Customer (KYC) process once. In addition, users can rest assured that their private information belongs only to them and the projects or products they request access to.

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With TIDV, individuals and entities only need to go through the Know Your Customer (KYC) process once to generate a verifiable identity that they can use to authenticate with other TIDV-integrated dApps and applications.

Users will enjoy a simplified KYC process once they connect their crypto wallet and prove their ID with GBG, AllianceBlock’s identity verification partner. GBG is a global expert in digital identity and Know Your Customer solutions.

While commenting on this latest cryptocurrency news, Boris Huard, Managing Director, EMEA, at GBG said;

“GBG’s Know Your Customer (KYC) solutions help bridge the gap between traditional finance and decentralized finance. Our global end-to-end solutions are quick to deploy and verify potential users’ identities in seconds, creating a secure environment that meets compliance needs without sacrificing the user experience. We are excited to partner with AllianceBlock to provide KYC checks for TIDV to protect against the increasingly sophisticated methods of crypto crime and work together to build trust in the digital asset industry.”

Upon completion of a KYC process, the TIDV’s hashed record (encrypted KYC results) is stored and can only be accessed by the recipient for whom the data is encrypted. A user can use the stored data to perform KYC on all integrated services.

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Rachid Ajaja, CEO and co-founder of AllianceBlock, added;

“Trustless IDentity Verification could revolutionize the way compliance is managed in DeFi and blockchain. It gives users full control over their online identity and allows them to connect to various integrated dApps and revoke permissions if necessary. Our GBG partnership will streamline this verification process and ensure compliance. We are absolutely excited about this partnership and look forward to integrating a compliant and reliable solution for everyone.”

AllianceBlock added that TIDV’s integration with Fundrs enables the creation and participation in compliant fundraising rounds.

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Going forward, TIDV will be integrated into AllianceBlock’s end-to-end infrastructure, including the DeFi Terminal, DEX and the Data Tunnel, the team added.

AllianceBlock is a company that builds seamless gateways between TradFi and DeFi by solving problems in both areas and connecting them more closely.