Fractal ID is proud to announce our partnership with Polytrade, the blockchain-based decentralized protocol that aims to transform receivables financing & connect buyers, sellers, insurers, & investors for a seamless trading experience.
Fractal ID is supporting Polytrade by providing decentralized identity to the Polytrade platform, enabling seamless onboarding, safe trading, and privacy-preserving collaboration.
Tackling the challenges of web3 trading
Web3 trading platforms open all kinds of opportunities for users to lend and borrow, collaborate, and boost their growth in a decentralized fashion.
However, statistics show that many users are still hesitant to grasp these opportunities due to their fear of having their data exposed or hacked.
As Polytrade aims to provide safe trading opportunities for its users, they are leveraging Fractal ID’s DID registry to optimize their users’ experience and provide them with a safe environment for growth.
The open DID registry to ensure seamless onboarding and safe trading on Polytrade
Fractal ID’s open DID registry is a privacy-preserving identity verification commons that enables direct on-chain identity verification.
It enables a no-touch onboarding experience such that users don’t need to interact with Polytrade at all. Instead, once the user connects their wallet, Polytrade will be able to toggle through the DID registry, locate the user’s verifiable credentials (VCs) that identify the user’s KYC status, and immediately onboard them to the platform if they meet Polytrade’s criteria for participation.
Even more, users who don’t previously have Fractal ID will be able to leverage the DID registry to upload their documents and benefit from the privacy-preserving features. This seamless process happens as following:
- User uploads their identification documents (e.g. passport, residency proof)
- Fractal ID verifies these documents
- Fractal ID issues verifiable credentials
- Polytrade locates the credentials in the registry and effortlessly onboards users to the dApp
Fractal ID x Polytrade partnership
Fractal ID and Polytrade are joining forces to add a layer of safety to Polytrade while maintaining the users’ privacy, which will:
- Establish a safe environment for users to trade, borrow, loan, and collaborate where all users maintain their reputation while keeping their data private.
- Safeguard Polytrade’s users from identity theft, money laundering, and other illicit activities.
- Help users identify the lawfulness of their counterparties, protecting their assets and helping them make better decisions.
“Fractal ID is one of the key partners in our protocol helping us protect our users’ funds, reinforce trust, and guarantee fraud prevention: bridging the gap between data privacy and data integrity”
– Polytrade