KYC

Decentralized finance (DeFi) has the potential to reach mainstream adoption and empower people worldwide financially. However, without regulations and identity control, it can easily become a platform for scams, fraud, and money laundering. The paradox is that by introducing stricter control on who can access DeFi products, the industry loses its "decentralization" factor. After all, this is what set it apart from traditional centralized finance (CeFi) in the first place. This is where KYC (Know Your Customer) standards come in…

Solidproof, one of the crypto industry’s top auditors, has recently verified its social channels, including Twitter, YouTube, and Telegram. It is an important step in the German company’s development and mission to provide complete transparency. Meanwhile, Solidproof continues to audit the smart contracts of new projects and perform KYC verifications on their development teams. The company provides constant updates on all its audits on the official website. This way, it ensures crypto users have an accurate image of the projects…

The decentralized finance (DeFi) space has developed substantially in the past three years. However, the threat of hacks and scams still looms on the horizon, leading to FUD (fear, uncertainty, and doubt) in users and projects. Fortunately, smart contract audit and KYC services can tilt the balance towards this sector's secure, more lucrative future. Auditing companies ensure that investors get behind real and feasible projects. Moreover, KYC standards guarantee the reliability of development teams and reduce malicious participants. These are…

Edge, the firm behind the Edge crypto wallet, has rolled out Edge Mastercard, a one-of-a-kind crypto virtual card. The company announced this news yesterday, noting that the card is confidential. This means users do not have to submit know-your-customer (KYC) information or any personally identifiable information to use it. According to the announcement, Edge Mastercard uses Mastercard’s open-loop merchant network. This network allows the spending of crypto at over 10 million merchants across the US. At the moment, the card…

SolidProof – a German-based security company – will soon make its automatic smart contract auditing tool available for development teams everywhere. The product is meant to support the growing decentralized finance (Defi) space by addressing its all too common security threats. The Need for Security Defi is a popular application for blockchain technology that builds on the original monetary function that Bitcoin was designed for. Whereas Bitcoin was created as a form of trustless money, defi enables trustless financial services…

Solidproof is proud to announce that they have secured licenses for their auto tool, which has the potential to take DeFi auditing to the next level. The tool’s beta version is available to dedicated parties who will help with testing and final development. Dubbed the Solidproof Automated Audit Tool (SAAT), the newly-launched product seeks to speed up the audit process, allowing the firm to bring certainty to multiple blockchain projects. SAAT introduces advanced code analysis that is much more efficient…

NFT creators on Solana marketplace Magic Eden will now be subject to stricter procedures. The company announced a new doxing policy for creators who want to drop their collections on the marketplace. This policy would ensure stringent safety and project quality checks that would protect the interest of minters. The recent development unfolds against a backdrop of rug pull scams that saw minters lose thousands of dollars on Magic Eden. Minters lost $58,000 (645 SOL) in the first scam because…

Solidproof is among the most trusted blockchain security and smart contract auditing companies in the crypto market today. The Germany-based company aims to fix the security and transparency issues smothering the crypto space. But, unfortunately, as the industry attains more progress, so do the opportunities for bad actors to victimize honest investors. According to a yearly report on crypto crimes by Chainalysis, $14 billion of all transactions in crypto in 2021 were associated with scams or money laundering. These figures…

Deploying a smart contract on the blockchain without auditing can quickly spell "suicide" for most projects. Nowadays, hackers are constantly looking for potential code errors and vulnerabilities. Furthermore, most users have the experience of knowing they cannot trust unaudited DeFi and crypto protocols. Fortunately, no project has to launch unaudited, especially with the abundance of professional auditors in the industry. These experts can investigate smart contracts, detect errors or vulnerabilities, and suggest fixes. Simply put, they increase a protocol’s chances…