Oasis Labs Partners With Equifax to Enable KYC for Web3 Economy

Oasis and Equifax Partnership

The objective of Oasis is to advance Web3, enabling personal data sovereignty and appropriate data use while scaling and developing it from its infancy to real-world and practical usage. A crucial step toward achieving this goal is partnering with Equifax.

Professor Dawn Song, the founder of Oasis Labs, stated that Equifax has incredibly reliable information and is a pioneer in the financial services industry. She further added that this would enable increased trust in adopting blockchain technology for practical applications.

Joy Wilder, senior VP of global partnerships at Equifax and CRO for information solutions in the United States, stated that the demand for identity and access management and KYC solutions to assist reduce risk and inspiring trust in on-chain transactions is growing as the web3 globe grows.

Verification and KYC Procedure

According to the standards established by the Financial Action Task Force (FATF), Web3 businesses, DeFi protocol users, and NFT initiatives must carry out identity verification and KYC for regulatory compliance. Additionally, in situations like voting, NFT drops, and an increasing number of others, proving a legitimate identity is necessary to eliminate pseudonymous IDs.

Companies often use third-party KYC providers to meet compliance needs, but up to this point, there is no KYC solution designed for the Web3 environment with robust privacy protection. By processing data in a transitory manner and giving anonymous KYC-ed Credentials into the individual's wallet, the suggested approach would close this gap for Web3 while providing high security and privacy protection.