Shyft, a global blockchain-based network that facilitates secure sharing of attested and compliant data has announced the signing of a Letter of Understanding with security token creation platform Polymath. Shyft reported that as part of the partnership, Polymath will become an active ecosystem participant and data provider for the Shyft Network, acting as both a Trust Anchor and decentralized application (dApp) developer on the network.
Shyft also revealed that its platform is building a new more secure framework to tackle regulation and compliance requirements around KYC/AML and user identity. The network stated:
“While traditional vetting schemes such as credit scores often provide insurmountable barriers to global financial services for the 3.5 billion global citizens who are considered “unbanked” or “underbanked,” Creditability can serve as a superior alternative that provides a balance between financial institution risk tolerance, privacy of user data, and the need for universal financial services access. As part of this mission, Shyft is working with third-party Trust Anchors like Polymath, as well as governments, exchanges, and other KYC/AML compliance-focused organizations that are using traditional collection strategies to attest the data, to enable multi-stakeholder data sharing on Shyft network.”
While sharing more details about the partnership, Joseph Weinberg, Chairman of Shyft, stated:
“We’re pleased to announce this partnership with Polymath, which further builds on Shyft’s goal of revolutionizing our global economy through facilitating the secure sharing of trusted and compliant data. Building the platform that tokenizes securities is a vast and pivotal vision, making the addition of Polymath’s technology and data to our network a key partnership. This partnership builds upon our common vision to improve access to capital and build a more financially inclusive future for everyone.”
Trevor Koverko, CEO and Co-Founder of Polymath, added:
“Polymath operates in the highly regulated space of financial securities. One of the integral pieces of securities regulation revolves around identity and ensuring that only authorized participants are holding certain securities. Shyft provides an elegant and intelligent approach to the problem of identity and we are thrilled to work together.”