Place/Date: Sydney, Australia - June 3rd, 2022 at 2:28 pm UTC · 4 min read
Contact: Sebastian Waddell, Source: STACKD Finance
In order to benefit the whole crypto community, a new decentralized initiative called STACKD Finance has recently entered the market. The initiative aims to provide a comprehensive set of security services to people and projects.
Advanced Verification Services (AVS) is STACKD Finance’s first utility. The tool aims to replace the present industry norm of KYC processes. The team believes KYC procedures cannot apply to large crypto project owners. For this reason, STACKD Finance wishes to introduce a new standard in the business.
Know your customer (KYC) is the industry standard for verifying an individual’s identification. According to the project’s team, a person conducting a multi-million dollar project should not rely on this verification level. The team explained that KYC has the mere goal of verifying the identification of consumers of financial institutions.
STACKD Finance introduces an entirely new standard of verification through AVS. First and foremost, AVS utilizes the most advanced identity document verification and biometric analysis technologies available. AVS performs extra checks to confirm that the persons named on the identification document are who they say they are.
Afterward, the system carries out criminal and financial background checks on the project leaders. This procedure ensures that investors have a clear picture of whom they’re dealing with.
STACKD Finance isn’t satisfied with only verifying the persons behind the initiative, but also the project itself.
STACKD Finance is betting on two pillars:
With the help of blockchain investigative businesses, AVS aims to bolster its reaction capabilities in the event of fraudulent activity.
After a successful review, STACKD Finance AVS will grant the project a Certificate of Verification. This certificate shows that the project/individual has undergone the rigorous AVS verification procedure.
AVS STACKD Finance’s initial verification tiers will consist of three levels.
STACKD Finance‘s mission is to raise the standard for decentralized financing. The project wants to provide investors with a sense of security in the market by offering many innovative services.
By establishing a new standard in DeFi, STACKD Finance has a clear mission. The team wants to help the industry move toward a safer system before the legal regulations hit the market.