The MyID Alliance has added five new entities to bring its total number of partners to 62.
Joining the ICONLOOP-led DID network are communications provider Sejong Telecom, digital asset exchange Binance KR, Singapore-based blockchain cyber security firm Uppsala Security, blockchain developer Blockchain Company and cryptocurrency exchange Flybit.
The five new additions join the MyID Alliance as Growth Partners, meaning they plan to use MyID-based ID solutions. Or to put that another way, MyID just got five new use cases.
The Iconist notes that two of the five are cryptocurrency exchanges: Binance KR and Flybit. A third, the Blockchain Company, operates the cryptocurrency exchange Btrade. Expect to see more exchanges sign up with MyID to bring themselves in line with recent legal changes requiring exchanges to be KYC compliant.
A Biance KR official told the Korean-language business news outlet MTN that it plans to build a global AML system and a first-rate local KYC system, and that by joining the MyID Alliance it plans to simplify its identification procedures and strengthen its security.
Meanwhile, Korean-language blockchain news site Block Media notes that the addition of Uppsala Security gives the MyID Alliance its first company specializing in cryptocurrency AML solutions and compliance.
Uppsala Security boasts a Fraud Detection System that uses machine learning and AI-based algorithms to preemptively analyze cryptocurrency transactions and block ones that appear suspicious as well as source technology to trace and analyze suspicious cryptocurrency transactions after they’ve gone through.
An official from Uppsala told Block Media that it plans to provide AML solutions to VASPs and digital finance providers through technological and business cooperation with the MyID Alliance.
Deputy Executive Director of MyID Alliance, Josh Choi said:
“Recently crypto exchanges are being requested for higher security as FATF puts stronger regulations on them. Accordingly, more and more exchanges pay attention to MyID as a new solution for secure, fast and reliable id verification process. We believe that MyID Alliance will keep growing as various businesses are looking for novel ways to build high level security and trust in their customer/user verification.“