MIAMI, Oct. 14, 2021 /PRNewswire/ -- Bloom, a leading blockchain solution for digital identity and reusable, verifiable credentials (VCs) is pleased to announce the launch of a new DeFi-focused product called OnRamp. OnRamp helps enterprises with KYC & AML compliance as well as enabling risk assessment via traditional and alternative data, all while preserving user privacy.
DeFi has experienced massive growth over the past year, topping both 1 million users and $100 billion in value for the first time. But with this growth has come more scrutiny from regulators as many DeFi companies have not achieved compliance with KYC/AML and other applicable rules.
With OnRamp, enterprises can prioritize user privacy while still working towards compliance requirements. OnRamp enables secure access to reusable, verifiable credentials (VCs) for ID verification, sanction screening and PEP Screening. Other identity credentials include phone number, email as well as social accounts like Facebook, Google, Linkedin and Twitter.
Beyond achieving compliance, the use of reusable, verifiable credentials will help DeFi companies enable risk assessment, transcending the collateralized lending structure that has limited growth in the sector up to this point. OnRamp offers reusable, verifiable credentials (VCs) for bank account activity, balances and other financial signals. Future plans include the integration of traditional credit scores, utility bill payment history, and other alternative signals that could be helpful in determining creditworthiness.
In addition to OnRamp's direct integrations, the platform also supports the ability for third party credentials to enter the OnRamp platform via the WACI specification. This feature can enable unique localized use cases where financial infrastructure isn't supporting local populations.
"We are excited to give enterprises the ability to leverage verifiable credentials for identity verification and risk assessment, all while respecting user privacy and mitigating the risk of data leaks," said Jace Hensley, Head of Platform at Bloom. "But what we are even more excited about is what our WACI integration enables. Now third party data sources around the world can enter the platform, giving the opportunity for people outside of the standard financial system to prove reliability and creditworthiness. This is a major step for DeFi to go global and truly expand financial inclusivity."
Bloom plans for OnRamp to be a key piece of infrastructure for DeFi companies, whether they are in launch or growth mode. The developer-friendly application includes no integration fees, no monthly minimums, no long term contracts, and flexible pricing. OnRamp reduces the barrier to entry for new builders, allows growing companies to expand, and most importantly, opens the door a bit wider for those who deserve access to the decentralized finance markets.
Bloom was founded in 2017 by Stanford computer scientists in response to the Equifax scandal, when hackers gained access to the private information of 147 million US citizens. Bloom set its sights on transforming the way user data is collected, stored and used with an emphasis on user privacy and expanding financial inclusivity.
In 2018, Bloom released its iOS app, giving users the ability to create and control their own digital identity (BloomID) and connect pieces of personal data to it, verified by trusted third party data attestors.
In 2019, Bloom released the Android version of the app, followed by the release of Bloom Radar, a free hack monitoring service. Users were given the ability to enroll in this service without compromising their data or enabling its sale to outside parties. This ability attached a tangible value to their reusable verifiable credentials (VCs).
In 2020, Bloom created more value for BloomID holders by partnering with TransUnion to enable free credit monitoring, again without compromising or selling user data.
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SOURCE Bloom Protocol LLC