Web3, Regtech: 0xKYC, Onfido to Provide Fraud Protection Protocols on Blockchain Platforms, Metaverse

Onfido, which claims to be the global leader in automated digital identity verification, today announced that they have partnered with 0xKYC, an innovative startup bringing zero-knowledge proof identity solutions to Decentralized Autonomous Organizations (DAOs).

0xKYC, which is currently in its seed round of investment, is “backed by Outlier Ventures and New Order.” Using Onfido’s technology, 0xKYC developed “the 1VOTE plugin for Aragon, enabling users to verify their identity without sacrificing anonymity.”

Powered by Onfido’s biometric verification solution, Motion, users are “guided through the capture process, taking a picture of their ID for document verification and taking a photo or short video of their face using their smartphone.”

Their information is quickly “compared to Anti-Money Laundering (AML) and Web3 fraud databases using Onfido’s Verification Suite.” Once cleared, 0xKYC generates a Soulbound Token with proof that the user “is OFAC and Web3 verified, as well as over the age of 18.”

The solution empowers businesses “to ensure the real identity of their customers, while preventing fraud and interactions with bad actors. 0xKYC’s 1VOTE solution is already being adopted in DAO circles.”

In May, 1VOTE won Aragon’s DAO Global Hackathon under the “Most Creative Use of OSx” category. The solution is also “being used by Web3 gaming companies like Insert Stonks to prevent bots and allow for a fair gameplay thanks to the prevention of duplicate accounts.”

Onfido’s CPO Yuelin Li said:

“The solution that 0xKYC has created using Onfido’s technology is hugely innovative. By creating a token for cleared users, 0xKYC has established a level of privacy that will boost security on Web3 and the Metaverse.”

0xKYC CEO Adam Zasada said:

“0xKYC is focused on ensuring user security and privacy, while ensuring accuracy and data compliance for businesses. Thanks to Onfido’s suite of products, we’re able to create a robust KYC and AML solution. By extending this capability to the blockchain, we’re able to offer a permissionless way that allows protocols that use Aragon OSx or any other system to verify if their DAO users are unique and eligible for a vote in a decentralized organization.”

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