Blockchain
BingX Partners Up with Sumsub to Enhance Its Compliance & KYC
Singapore, Singapore–(Newsfile Corp. – January 28, 2022) – BingX is proud to announce its partnership with Sumsub, an all-in-one suite for identity verification, compliance, and automated fraud protection.
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As a social crypto exchange, BingX operates in a regulatorily sensitive space where safety, compliance, and KYC are paramount. To rise to this challenge, BingX will be integrating Sumsub’s KYC system, which uses advanced AI technology to detect and prevent potential cybercrime.
BingX users will now go through a two-step verification process by 1) providing a photo of their ID and 2) passing a biometric liveness check. For users, this process is fast, transparent, and easy. For BingX, it promises to build trust and accelerate global expansion.
“One of BingX’s overarching objectives this year is to make its services more easily accessible. At times, the KYC and compliance requirements can be tiring and could dissuade new users from completing registration. We want our users to have the best experience from start to finish. What better way to start the year, than making our KYC steps for our users easier to complete. This partnership between Sumsub and BingX will serve as a strategic move that will simplify the KYC process; attracting more users to our platform while giving us a competitive edge in the crypto market space.” – Communication & Partnership Manager at BingX, Elvisco Carrington
“We are happy to support BingX’s mission to create a leading social crypto exchange network by providing verification procedures compliant with local and international AML regulations. We are here so that BingX can entirely focus on enhancing their products and services for their growing customer base.” – Co-founder of Sumsub, Jacob Sever
About BingX
Founded in 2018, BingX (www.bingx.com) is a global digital asset, spot, and derivatives trading platform that provides a user-centric and open ecosystem with intuitive social trading features. Created to enrich the entire cryptocurrency industry, BingX is a safe, reliable, and user-friendly venue for users to trade their favourite assets, such as Cosmos, AXS, Chiliz & DAO.
About Sumsub
Founded in 2015, Sumsub is a leading identity verification platform providing an all-in-one technical and legal toolkit to cover KYC/AML needs. Sumsub helps businesses convert more customers, speed up verification, reduce costs, and fight digital fraud. Relying on machine learning and artificial intelligence, its solution works globally, with support for 6,500 document types from over 220 countries and territories.
Media Contact:
Kim Bazak, MarketAcross
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111953
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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