Electroneum, the world’s first enablement cryptocurrency, has taken a further step towards regulatory compliance by partnering with digital identity app Yoti.
The mobile-based cryptocurrency, which has more than two million users who mine and transfer its digital currency ETN through their phones, will use Yoti to handle its Know Your Customer (KYC) checks.
As a result of the deal, Electroneum will be able to offer its mobile mining app to iOS users. Apple’s terms and conditions prohibit apps from providing mobile mining, but Yoti’s KYC system will mean Electroneum will be able to offer ‘Cloud Mining’ to people who use iOS phones.
Richard Ells, Electroneum CEO, says, “We’ve had a great response from Android users to our mobile mining app. For many of them, ETN has been their first experience with cryptocurrencies and we’re really excited that our partnership with Yoti will mean iOS users will soon have this opportunity via ‘Cloud Mining’. If this is successful, we’ll roll it out on Android too.”
Under the agreement, Yoti will provide Electroneum with:
- Instant and accurate KYC
- Streamlined and cost-effective KYC for both operators and individuals
- Frictionless onboarding and fast processing times, with individuals sharing pre-verified identity attributes in seconds instead of showing paper ID documents
- Identity verification from over 160 countries using government IDs and biometrics
Richard Ells continues: “From day one I wanted ETN to have KYC and AML compliance. The only way we can become a true enablement currency is to have this in place so we can develop economic ecosystems driven by ETN throughout the world.
“Yoti will help us to achieve that. They’re very well-established in the world of reg-tech and will provide us and our users with the ability to achieve the requirements of KYC in a way that is safe, secure and quick, and that protects customers’ personal data as much as it fulfils our need to have it.”
Electroneum will require all users above a certain threshold to prove their identity to use their ETN account. Yoti is helping to streamline and simplify this process; letting individuals prove their identity in seconds and share their verified details; creating a secure and frictionless experience. This removes the need for them to carry around and show paper ID documents, which can easily be lost or stolen.
Thom White, Future Technologies Lead at Yoti, said, “We’re really pleased to be working with Electroneum to help streamline their KYC process, helping to create a frictionless and secure customer experience. The Yoti app provides individuals with a single digital identity, which can be used across and beyond the crypto industry. Our partnership with Electroneum is a great step in our journey in the crypto sector, and gives individuals a simple, private and secure way to prove their identity when mining, transferring and spending ETN.”
Electroneum reached an important milestone recently, read all about it here; Electroneum Mining App Passes One Million Downloads