SelfKey, a Blockchain based company that saw its initial coin offering sell out in just 11 minutes this past January, has revealed two new partnerships with a Dutch Antilles-based bank (Curaçao) and a Cayman Islands-based bank. According to the company, the agreement is to offer their banking products in the SelfKey Bank Accounts Marketplace at launch. Additionally, these two banks will be able to accept applications to remotely open bank accounts from customers dealing with cryptocurrencies and companies who have previously done a token sale. Of course, any accepted account must have met the stringent bank requirements and pass due diligence checks.
SelfKey said they were holding off on naming the banks until the public launch;
“We prefer not to disclose the banks’ names until the bank accounts marketplace is available to the public, in order to avoid any potential risk or external intercedence to these strategic relationships and ensure the proper development of them.”
Beyond both business and personal bank accounts, SelfKey says their Cayman banking partner will also offer a gold backed loan in the SelfKey Marketplace.
The gold-backed loan is described as allowing account holders the ability to buy physical gold and then obtain a loan of up to 75% the physical gold’s value. This secured lending is available for both businesses and individuals.
Founder of SelfKey Foundation Edmund Lowell stated;
“SelfKey is delighted to work with two financial institutions with rigorous KYC processes and commitment to innovative, digital banking services. Both, Curaçao and Cayman are widely renowned for their strong AML and KYC regimes, and the SelfKey technology allows to meet these high due diligence standards. We are proud that they will offer their products and services on the SelfKey Marketplace.”
“We’ve had an amazing start to 2018, and it is our responsibility to the SelfKey community to keep growing as quickly as we can. By developing our platform to the dates laid out in our roadmap, or even faster than that where we can, we will soon have the complete SelfKey Self-Sovereign Identity solution in place.”
SelfKey was built with the assistance of Standard Chartered Bank and has facilitated know your customer or “KYC” for multipole token sales such. It is widely recognized that distributed ledger technology or Blockchain is a perfect fit for identity management. Using this tech, the analog paper chase of the past will be banished to the dustbin of processes no longer needed. In late January, SelfKey announced it had received a regulatory approval in Mauritius, as part of their Sandbox program, to develop their self-sovereign digital identity wallet and financial services marketplace. The SelfKey deck is available here if you are interested in learning more.