Transak and Privado ID Join Forces to Pioneer Decentralized KYC Reusability

Transak, the leading crypto payments gateway solution, has partnered with Privado ID, formerly Polygon ID, a leading provider of privacy-centric identity management, to provide a KYC sharing service that would improve the process of decentralized identity verification.

This strategic collaboration aims to introduce a new (and more reliable) way to authenticate users in a decentralized manner without revealing any sensitive KYC data. This innovation is called “Reusable KYC”.

Reusable KYC will benefit multiple industries worldwide (like exchanges, RWA, Web3 games and many others) — specifically, entities that mandate strict regulatory compliance but do not want to risk user privacy.

The innovation is made possible through Transak’s effective and smooth KYC processes and Privado ID’s technologically advanced decentralized identity framework to enhance user privacy and ownership. It reinforces Transak's position as the go-to provider of reliable KYC and risk assessment services within the blockchain ecosystem and makes the best use of Privado’s ZK technology to enable on-chain ID verification without revealing any personal data of the user.

With this partnership, Transak introduces its KYC-as-a-Service, a product designed to simplify and secure user verification processes. Transak has an edge over distribution, with 350+ partner apps, 5M+ verified users and a promising trajectory to get these numbers growing. 

With Transak, users now only need to complete the KYC process once! After which, the verified credential is securely stored in the user’s wallet making it easy to integrate across all partner applications. This innovation streamlines the onboarding process while ensuring the user data remains secure and tamper-proof, aligning with the principles of decentralization. Reusable KYC eliminates the redundancy of multiple KYC submissions, making the onboarding process smoother and cost efficient.

From a use case point of view, any user will have to do KYC on Transak first and a decentralized token will get generated, the user will have to scan and store that token into a Privado ID provisioned wallet. Post this, users can navigate and submit KYC checks via Transak’s one click KYC sharing. This means, no more repetitive KYCs, easy storage in user controlled wallet, privacy enabled data sharing with zero-knowledge proof and following the ethos of decentralization. 

Check out the full process here:

 

"We are excited to partner with Privado ID to pioneer the future of decentralized identity verification. This collaboration embodies the principles of decentralization by allowing users to control their own identity data. Over the years, we have built a KYC infrastructure unlike any other in the industry, and got a powerful distribution. Now, with this collaboration with Privado ID's advanced framework, we are providing a scalable and secure solution that addresses the critical need for reliable identity verification in Web3," said Yeshu Agarwal, CTO of Transak.

A significant highlight of this collaboration is the introduction of Transak’s “Proof of Uniqueness”. This novel innovation ensures that each user is uniquely verified.

Historically, projects have struggled to differentiate between wallet holders, often facing challenges with reward distribution like airdrop farming where individuals use multiple wallets to gain undue advantages. With Proof of Uniqueness, projects can, for the first time, effectively target humans, not just wallets, for their airdrop campaigns with great accuracy. This advancement promises to unlock new possibilities for decentralized applications, upcoming DeFi protocols, and emerging blockchain scaling solutions.

"This collaboration underscores our commitment to providing secure and efficient identity verification services, empowering businesses and users alike." Sebastian Rodriguez, Privado ID, CPO added, "Privado ID is excited to integrate with Transak's robust KYC infrastructure within our open ecosystem. Together, we are setting new standards for decentralized identity verification, ensuring a seamless and secure experience for all users."

Moving forward, this collaboration will explore additional use cases, such as enabling proof of humanity, proof of age, and proof of residency in various scenarios, further cementing the role of decentralized identity verification in the evolving Web3 landscape.

About Transak

Transak is the world's most compliant and largest Web3 payments infrastructure provider, serving over 5 million users across 160 countries. It powers 350+ platforms, facilitating the purchase and sale of digital assets with its API-driven fiat-crypto on/off-ramp, NFT checkout, and other solutions that simplify KYC, compliance, payment methods, and customer support.

Headquartered in Miami, US, and incorporated in Delaware, Transak has a tech hub in Bengaluru and offices in London, Milan, Dubai, and Hong Kong.

For more information, visit transak.com or follow us on x.com/transak  and linkedin.com/company/transak 

About Privado ID

Privado ID, formerly Polygon ID, is a privacy-centric, decentralized identity framework that enhances online interactions with a comprehensive suite of digital identity tools. It supports W3C open-source identity standards, integrates with any EVM-compatible blockchain, and uses advanced cryptographic methods like zero-knowledge proofs. As an ecosystem of trust, Privado ID fosters reliable interactions among various decentralized identity actors, ensuring users retain ownership over their data while promoting a sustainable economy of credentials.

For more information, please visit: http://privado.id/ or follow on x.com/PrivadoID