Deloitte Switzerland has partnered with Polimec to provide reusable KYC or know your customer. These credentials will be using Polkadot, and the “banking grade” KYC credentials will be issued by Deloitte. The company explains that this information will be utilized to empower the global fundraising of digital assets.
The credentials will enable the categorization of investors into retail, professional, and institutional.
Deloitte states that users will share their KYC documentation exclusively with Deloitte, which will then provide KYC credentials in Web3. These Deloitte KYC credentials are described as more efficient and secure than traditional KYC methods, which typically involve significant time and resources to confirm the identities of customers.
Kasper Mai Jørgensen, Co-Founder of Polimec, said they have been working with Deloitte for the past ninc months and this takes their vision a step closer to allowing everyone to control their data and identity.
“…with Polimec they can own parts of the most exciting Web3 projects from the very earliest fundraises. This collaboration will bring additional funding possibilities to the Polkadot ecosystem and lead the way to a more decentralized community-focused Web3, while also satisfying regulatory criteria.”
Issuers will be able to offer contribution tokens that have been appropriately certified by using the required KYC/AML (Anti Money Laundering) standards. The credentials can be customized based on jurisdiction.
Sensitive documentation is shared only with Deloitte exclusively, and participants will be assured of project legitimacy.
“After announcing our partnership with KILT Protocol at the Decentralized conference in Lugano, we are proud to announce our first use case,” said Micha Bitterli, Head of Deloitte Managed Services. He said that this is just the first of many use cases.
“We want to enable blockchain technology to move toward a compliant DeFi environment.”
Polimec is expected to go live as a Polkadot parachain in late 2023.