Exclusive: EBO Launches No-KYC Trading App for Ethereum Tokens

Zug-based digital assets platform EBO is today announcing the launch of its mobile application, according to a press release shared exclusively with Finance Magnates. The platform's app, dubbed the EBO Ethereum Crypto Wallet, is available on the iOS App Store as of today.

The announcement of the wallet described it as "ideal for those who already use exchanges and are seeking alternatives to Coinbase as it has virtually the same features, functionality, and ease-of-use."

EBO's app allows its users to buy, sell, and exchange Ether and other Ethereum Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term tokens with no sign-up; the platform does not store any of its users cryptocurrency but instead facilitates self-custody.

"EBO works within the current regulatory framework"

"EBO is a non-custodial application. Users will always fully maintain custody of their funds when using the EBO wallet," said Terrance Sullivan, founder of EBO, to Finance Magnates.

The lack of Know Your Customer (KYC) Know Your Customer (KYC) Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Read this Term) measures on the platform could also make the platform more accessible to individuals who lack documentation to sign onto other crypto trading platforms.

"Regulatory requirements are a huge obstacle that block billions of people around the world from even the most basic financial services," Sullivan told Finance Magnates. "We believe that the world needs open finance now more than ever."

However, the company also said that despite the lack of KYC, "EBO works within the current regulatory framework," and as such, "does not allow users to exchange digital tokens that could be considered a security."

EBO's mobile security measures

The wallet was "developed from a fork of the Trust Wallet," Sullivan explained to Finance Magnates. "The Trust Wallet, as an open-source wallet project, has been tried and tested over several years by the community and has achieved a phenomenal track record of security." Trust Wallet was purchased by Binance in 2018.

"We chose to build EBO on top of this platform as a mobile component of our Open Finance infrastructure because of that phenomenal track record for security."

Sullivan also said that transactions on the platform "protected by military-grade encryption," and that "users' Private Keys are stored only on their device using the iPhone Secure Element technology."

The wallet also provides a simplified backup and recovery process with "unique 12-word BIP39 recovery phrases, and can be controlled accessed with a "6-digit-pin, FaceID or TouchID access."

Customer assistance is also available through the EBO Help Center, which Mr. Sullivan explained is "accessible directly from the EBO app under 'Settings.'

"Users can submit a help request for any questions or issues. The EBO Help Center will be continually updated with new user guides, tutorials and help videos."

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