(November 30, 2019) – When it comes to onboarding new customers, whether by banks, financial institutions, or crypto exchanges, there is currently no one global KYC system or platform, leading to a very costly and chaotic situation. One venture, BDeFi, is working to revolutionize the global KYC system with a stablecoin-based blockchain platform.
A recent global survey of crypto exchanges found that nearly 70% of these did not have a ‘complete and transparent’ KYC procedure, and only 26 percent could ensure high anti-AML procedures. The global KYC costs are around $500 million, and onboarding new clients can take up 1.5 days/week of over half of the banking sales departments. The inability to control money laundering causes between $800bn and $2trn, or 2–5% of global GDP losses.
On the BDeFi platform, customers will be able to use stablecoins set up as tokens on the BDT blockchain. The stablecoins can be sent only if the user is KYC compliant, thus making the platform free from money laundering. The stablecoins can be exchanged with other stablecoins on the BDT’s decentralized exchange at very low fees and with KYC protection.
BDeFi will be an ideal solution, especially for crypto exchanges, which will be able to outsource the entire cumbersome KYC process. All information will be securely stored on the blockchain. Thus, crypto exchanges can avoid the hassle of internal KYC. All the user has to do is give them access to their KYC details with the transfer of BDT coins to the exchange wallet.
“With BDeFi, customers will have complete control over their transactions without any third party, their own exchange and their own stablecoin to use over the network. As an end-to-end, complete financial system, BDeFi will partner with governments and private organizations to create a singular, global KYC platform,” says Tobias Graf of Bitdepositary.
Tobias points out that currently, governments have little control over crypto transactions and networks worldwide. This has led to a high incidence of money laundering, hacking, and identity-related issues. There is no global standard or singular platform for completing KYC norms, and thus customers and companies end up wasting a lot of time and effort doing redundant work. A change in regulations further makes the process costly and challenging.
BDeFi aims to bring about government control through country- and area-specific access to KYC. On the network, there will be no transactions allowed without an active KYC, thus eliminating money laundering. The Stablecoin will be 100% backed through bank account connection.
“Initially, we plan to target the existing 25 million users and crypto followers globally. There are also the 3,756.14m E-Payment users worldwide,” says Tobias.
With BDeFi, governments can get a partner to regulate the crypto business, who will act as a singular and global KYC partner. The KYC procedures will be cheaper, and no risk of data theft either. BDeFi aims to herald a safe, transparent, and easy-to-use financial system across the world.
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