Tokenbox Platform Introduces KYC Based on Telegram PassportAs users’ verification has become mandatory for most of the crypto projects, such as Bitcoin and Ethereum, Tokenbox and the platform’s earliest partners, KYC-provider Sum&Substance, decided to simplify and accelerate the usual process of identity and credentials check.
Security of clients’ and investors’ data is one of the top priorities when it comes to managing crypto assets and working with sensitive personal information during a KYC procedure. As users’ verification has become mandatory for most of the crypto projects, such as Bitcoin and Ethereum, Tokenbox and the platform’s earliest partners, KYC-provider Sum&Substance, decided to simplify and accelerate the usual process of identity and credentials check. It is now available through Telegram Passport — a single platform for verification and storage of documents based on the most popular messenger in the crypto community.
Telegram Passport is a personal identification authorization tool, which is integrated into the platform’s services. User’s personal data is encrypted with a personal key, and both are accessible only through a service that the user trusts his data with. KYC provider Sum&Substance was the first in the world to launch KYC-checks based on Telegram Passport, and Tokenbox is happy to announce the integration of the tool into the platform’s system.
In order to pass verification, the user will need to upload their data to Telegram Passport only once — photos, scans of documents, information about the place of residence. After the user’s consent, the KYC-provider will access this data, verify it and conduct the Know-Your-Customer procedure. The process will take about 1-3 minutes, and, in case of the user’s errors or poor image quality, they will receive a comment right in the Telegram interface, which will be describing the type of error.
After passing KYC once, the user will not have to upload documents for another online service again — the system will only ask for a permission to process their personal data, and the documents will be automatically sent for verification procedure.
Despite the fact that Telegram Passport stores documents in a cloud, no employees of the messenger have an access to the data. All information is stored in an encrypted form, and the access key is only available to the user. KYC provider gets access to the data only after the user’s consent. Sum&Substance complies to the most stringent data protection law — the European Directive of the GDPR.
Sum&Substance CEO Andrey Severyukhin adds: «We have rapidly become the go-to provider for KYC/AML in the ICO and blockchain sphere. We see that Telegram Passport allows blockchain to take users on board as fast as possible without sacrificing the conversion. So, we help Tokenbox keep all their customers protected in the most practical and friendly way as the blockchain industry faces a lot of scrutiny and regulation».
Tokenbox CEO Pavel Salas: “This is so far one of the most interesting and relevant updates to our platform’s services. I’ve been working in the assets management field for quite a while, and data security still tops the list of users’ vital concerns. Telegram and its creators are already famous for how they treat their users’ data, so we at Tokenbox are thrilled about the fact that together with Sum&Substance we are one of the first to introduce such convenient and safe way of identity check”.