The mobile-based crypto coin ETN announced the latest important announcement which is the world’s first Know Your Customer (KYC) compliant cryptocurrency. The electroneum aim is quoted on its website as the goal to connect underserved populations who don’t have access to banks with a means of currency.
Approximately, there are around 350 million smartphone users in the world, representing a massive market that the company claims on its website will enable a 3 trillion dollar marketplace.
The makers of Electroneum have partnered with London-based app maker Yoti’s digital identity authentication tool to carry out their venture into full KYC compliance. Check it here the official Tweet on this.
Electroneum will use the KYC, according to the publication FinTech Finance, Yoti will partner with Electroneum’s developers to create an app-based KYC protocol users can follow when sending or receiving ETN from their mobile wallets. Richard Ells, founder and CEO of Electroneum, said in an interview that: This will help us evolve from a cryptocurrency into a recognized means of digital payment like PayPal or Apple Pay, which will enable us to help our core market: smartphone users in developing and emerging countries.”