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HomeTechnologyCircle launches its first Verite KYB (know your business) credentials

Circle launches its first Verite KYB (know your business) credentials

On October 1, the payments technology firm Circle made the announcement that it had created the first Verite KYB (know your business) credentials. These credentials are meant to be freely accessible on the MetaMask Institutional wallet. TrueFi, an uncollateralized lending system, has partnered with Circle in order to allow support for Verite KYB credentials and access using USDC stablecoin.

During the ConvergeSF22 cryptocurrency conference, Circle made an announcement on a partnership with DeFi uncollateralized lending protocol, TrueFi. This agreement will allow Circle to issue its first decentralised Verite KYB identity credentials. Additionally, it offers functionality for accessing TrueFi’s permissioned lending platform using stablecoins denominated in USDC.

Circle’s tweet:

Circle’s tweet

Verite is an open-source framework that was first presented in February of this year. Its purpose is to facilitate the issue, possession, and verification of identification credentials in a decentralised manner. Verite was created by the Centre Consortium and Circle to allow institutions to join in the DeFi and Web3 networks and to build confidence with other participants.

Verite Know Your Customer credentials may be requested by organisations that already have Circle accounts and MetaMask Institutional Wallets. It makes it possible for organisations to validate permissions using online and mobile applications as well as smart contracts.

In addition, Circle plans to provide certain Early Access clients with complimentary Verite KYB and recognised business credentials. These customers will be chosen at random. This also entails the increasing use of the USDC stablecoin by institutional users.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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