Blockchain, verification start-ups Seracle and Sumsub tie-up for stronger KYC protocols

Seracle, a global blockchain-as-a-service provider, has announced its partnership with Sumsub, an all-in-one verification platform against digital fraud and helping businesses stay fully compliant.

As a verification partner, Sumsub will help build Seracle’s compliance, anti-money laundering, and risk assessment infrastructure in the crypto/NFT/blockchain space. Further, Seracle will integrate Sumsub’s KYC system, which uses advanced AI technology, to detect and prevent potential cybercrime in over 136 countries.

This partnership will enable Seracle to extend verification solutions to the projects hosted on its infrastructure and take care of their verification and compliance needs. 

The integrated verification solution will offer frictionless KYC/KYB verification through biometric liveness checks and ID scanning. As part of the partnership, Seracle aims to achieve seamless and trusted verification processes for over a million businesses and individuals combined over the next one year.

Sumsub will add an extra layer of protection for Seracle at a time when losses arising from cryptocurrency hacks have jumped nearly 60 per cent to $1.9 billion this year, as per a recent blog post by blockchain analysis firm Chainanalysis.

“When it comes to Sumsub, one of the things that we really like about it is that it is smooth. I mean, it is like Google,” said Shrikant Bhalerao, CEO, Seracle Infrastructures.

“The second is that it has a custom workflow that no other provider offers. And the third one is that we do both KYB and KYC, as well as the risk classification to support AML teams. It is easy to get an idea of what to flag and the risk level. Also, the multi-language support and other great features make Sumsub a great partner for us,” he added.

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