DIFX appears to be a blockchain-based cryptocurrency exchange, but its true value is revealed when the underlying technical approach of this cross-asset blockchain-based trading network is considered.
The primary goal of DIFX is to revolutionize the usage of financial products by bringing together various entities such as individuals, prime brokers, and corporations on one platform that can accommodate all their modern financial needs. It offers an efficient approach to the real-world challenges faced in payment processes, both in everyday use or in cross-border instances.
DIFX, the native currency of the platform, is available to facilitate seamless interactions and improve the interaction over the platform.
There are some key challenges faced by users in the current system such as lack of support and services, high trading fees, liquidity, security, diversification, and UI/UX.
These common challenges are solved by the platform through a unique technical approach that includes:
1) Encrypted user access
2) Auto re-login
3) Two/three-factor authentication
4) Domain Name System (DNS)
5) Cold storage for automated multi-signature
In addition to this, DIFX has an advanced trading terminal that facilitates seamless digital operations for the traders, giving it a competitive edge in the market.
The aforementioned properties equip the DIFX platform with the speed and agility required in today’s world. However, the true value of DIFX lies in the fact that there is no trade-off when it comes to the security of the users.
With a robust KYC process, the platform offers a secure environment where trust and transparency are perfectly synergized. Financial interactions between the users on the platform are facilitated by the Blockchain-powered DIFX currency in a compliant manner as Blockchain offers anonymity on-platform, and KYC offers transparency off-platform.
KYC on DIFX
One of the major factors missing in the cryptocurrency space is regulatory and compliance-related measures. Due to the absence of these measures, cryptocurrencies are seen with skepticism even if they provide unparalleled value to any service. DIFX aims to change this scenario. It bridges the gap of compliance in the crypto space, making it more accessible, viable, and secure for its traders.
More than cryptocurrencies, DIFX facilitates payment tokens, exchange of cryptocurrencies into FIAT, custody wallets, securities, and asset management. Considering the fact that these financial activities require anti-money laundering measures, the need for KYC becomes cloudless.
Therefore, by including a KYC model and adhering to the compliance obligations, DIFX creates an authenticated ecosystem that safeguards the platform from criminal activities while still maintaining the users’ need for anonymity.
For KYC, DIFX has partnered with Sum & Substance, a KYC and AML provider.
Sum & Substance offers an unparalleled solution for completing a KYC process seamlessly. It is a highly user-friendly platform that makes KYC as simple as possible while maintaining the highest level of security. Sum & Substance provides a comprehensive KYC/AML solution that includes:
A globally applicable identity verification platform designed according to FATF requirements and adhering to the local AML laws.
Advanced KYC tools for automatic verification and checks that are accepted in the current European legislation on non-face-to-face customer identification.
Real-time monitoring of the users that notifies the system if any document of the user expires.
Custom consent before accessing confidential data.
GDPR compliant methods.
The data protection officer is responsible for the data of the users which is stored in Amazon GDPR compliant servers.
Use of leading encryption standards with independent testing.
How It Works
After signing up on the platform, there is a KYC section under the profile.
The first step after initiating the KYC process is to enter the country and the identity document that the user wants to provide for identification. The section changes according to the document selected by the user and accepts that particular document. As soon as the user selects the document, the section changes to accept documents.
There are a few steps that can be taken to ensure a smooth verification process.
The documents can be uploaded on the browser or uploaded simultaneously from the mobile phone. The user only has to provide their Email ID and the link is sent by the application where the users can then upload the identity document.
After submitting the document, face identification is the next step.
The platform takes a few minutes to complete the KYC verification and updates the status automatically.
In just a few steps, users have access to a fully compliant platform that allows them to complete their digital trading activities in a secure and user-friendly environment.