Users of cryptocurrencies will see the first virtual crypto card

The first financial hybrid crypto-fiat company Alchemy Pay announced that it will launch the first virtual crypto card allowing users to purchase products using around 40 diverse cryptocurrencies. The innovative solution will fill the gap between fiat money and cryptocurrencies. This virtual card will provide users with access to digital wallets, including Google Pay and PayPal. In addition, the owners of the card will be able to purchase products on the most popular trading platforms, including Amazon and eBay.

Why is KYC Important for Crypto Exchanges?

Money laundering is one of the main financial problems all over the world in 2021. However, there are several ways to solve this problem. Among the most popular solutions, there are AML services that help to track your transactions and the implementation of KYC. Let’s consider why KYC is so important for crypto exchanges.

Trustful and transparent transactions

The principle of trustworthiness is very important for the owners of cryptocurrencies since crypto exchanges can have a rich history of hacking attacks and scandals. Due to the implementation of KYC procedures, exchanges can reach a high level of trustworthiness. Identity verification systems help identify customers of exchanges and differ frauds from legitimate customers. While KYC procedures are used, a new customer of the crypto exchange can be confident in trustworthiness and protection against criminals. This is especially essential for P2P exchanges where customers trade with each other without any third parties.

Which processes does KYC consist of?

KYC procedure consists of two main processes, including data collection and verification. There are main processes involved in the KYC procedure: Customer Identification Program (CIP) This is the main part of the KYC procedure. During this part, all the customer data are collected and verified. This process comes after the registration of customers at the exchange. 2. Customer Due Diligence (DD) After the verification of the customer’s data, a company needs to check the customer. The main purpose of the background test is the identification of probable risks. While performing a background test, a customer is checked whether they had been involved in fraud or no. 3. Ongoing Monitoring The main purpose of the ongoing monitoring process is to identify whether the data is actual or no. In addition, this procedure checks suspicious transactions. Depending on the results of the investigation, the exchange can bun the customer’s account and send the data to the regulatory structures.

Mastercard adds a crypto track to its incubator program

Global payments giant Mastercard is adding a cryptocurrency and blockchain track to its Start Path incubator program for later-stage startups.

Mastercard rival Visa has a similar program called Fast Track that has catered to a number of crypto startups looking to work with Visa and issue debit or credit cards.

As part of Mastercard’s new track, seven digital asset startups have joined: crypto custody platform GK8, non-fungible token (NFT) marketplace Mintable, crypto investing firm Domain Money, blockchain oracle company SupraOracles, digital assets firm Taurus, blockchain infrastructure company STACS and digital finance platform Uphold.

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