Electroneum (ETN) has been in the news lately for all the good reasons as it seeks to give mobile gaming goers a world class experience. The simplicity of the platform keeps drawing curious attention and its straightforwardness is the best selling point that most modern cryptocurrencies are missing. A combination of coin mining and wallet management in a single app is the driving force the mass adoption the coin is enjoying.
Just days after kicking a petition to be listed on Coinbase, the mobile payment coin has announced that it is adding raising its transparency levels by becoming the first ever Know Your Customer (KYC) compliant outfit in the world. This might get it listed on the exchange earlier than anticipated.
What ‘Know Your Customer’ Compliance means to Electroneum
One of the reasons investors are keeping away from digital assets is the negativity associated with the anonymous nature of virtual coins. Being KYC compliant does not compromise your personal information and a data but an added transparency layer that any truly decentralized app should have.
While kicking off the initiative, the Electroneum CEO, Richard Ells lauded the move through a press briefing by saying:
“Today marks the third time Electroneum has broken new ground in the cryptocurrency world. We were the world’s first mobile cryptocurrency, we developed the world’s first cryptocurrency instant payment API and today we are the world’s first KYC-compliant cryptocurrency.”
After the good news, ETN holders are required to volunteer their information between now and 12th November after which the process will be mandatory. This is a huge breakthrough for the upcoming coin’s mass adoption drive. To make the process fast and seamless, Electroneum has sought the services of Yoti, a high-tech registration service provider firm to handle the process.
Yoti Mobile App Registration
Yoti will make the registration process very easy through the API that can be downloaded on your phone and anytime you are accessing ETN wallet you will be prompted to enter a code that you will generate from the Yoti API, a process that takes a few seconds says Yoti’s Thom White:
“Individuals only need to create their Yoti once, and then use this time and time again to prove their identity in a simple and secure way. As a result, we are seeing rapid market penetration in the Cryptocurrency sector, as well as FinTech and Financial Services more generally.”
The support from Yoti will see increased ETN adoption especially from the corporate world, a fact that Ells is proud of:
“Working with Yoti and being compliant with KYC requirements is crucial. Our corporate partners want us to be able to prove our currency is only being used for legitimate activities. Now we can, that means we can begin to work with these organizations to integrate ETN as a form of payment.”
This is one grey area that has been a huge turn-off from more users embracing the new technology and is set to see government backed projects use the Electroneum platform due to its transparency. There are also transparent merchants who have been waiting for a KYC compliant outfit to integrate their systems to meet their consumer demands.
Electroneum (ETN) Price Outlook
The ETN coin has been trading in the red for the last 24 hours after shedding a marginal 1.51% to the dollar to trade at $0.019724. The drop is a reflection of the entire market state and is a short term slip and set to recover in a few days’ time. The demand for the coin however remains high with much of the day’s volumes coming through KuCoin and Cryptopia with 44.20% and 20.30% respectively. The trending pairs remain ETN/BTC on both exchanges.