The blockchain-based digital identity management platform SelfKey has revealed that it is working with two international banks – one based in the Dutch Antilles and other in the Cayman Islands. These banks will provide their banking products through the SelfKey Wallet and Marketplace platform.
The Cayman Island-based bank will offer its retail and corporate customers services like bank accounts and gold-backed loans in the SelfKey Marketplace. The bank based in Dutch Antilles will initially offer only basic services like business and personal bank accounts in either the US dollar or euro.
However, SelfKey did not specify the names of the banks, and in order to avoid any potential risk or external interference with these strategic relationships, the blockchain firm will most likely announce its partners’ names after the launch of the marketplace.
SelfKey’s partnership with the banks revolves around the newly announced marketplace, which will provide an all in one platform for managing digital identity and offering financial services. The services on the marketplace include incorporation, residency, citizenship by investment, bank accounts, e-wallets, and digital exchanges. SelfKey is planning to introduce more decentralized services on the platform.
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Recently, SelfKey had inked a partnership deal with Kyber Network to integrate the Kyber Exchange platform into the SelfKey Wallet, which will provide SelfKey Identity Wallet users with the ability to trade a broad range of ERC20 tokens from within the wallet application.
SelfKey also partnered with Polymath, a firm which helps guide issuers through the complex technological and legal process of a successful token launch – from creation to issuance and fundraising. With this partnership, the participants on Polymath’s network will be able to access SelfKey’s platform.
Polymath CEO Trevor Koverko said: “If just one sovereign wealth fund or global private equity firm were to tokenize, the value held by blockchains might increase by an order of magnitude when compared to the existing utility token market.”
“Working with a project like SelfKey is paramount to achieving our goals. Our mission is to guide companies through every step of a securities token launch. One of the steps, and a key focal area for us, is KYC,” he added.