Expanding the SelfKey footprint: LEXIT integrates SelfKey’s ID & KYC solution into its IP and M&A Marketplace

Joining forces with one of the most promising blockchain startups

The SelfKey ecosystem keeps growing, and today we are proud to announce our partnership with one of the most promising blockchain startups: LEXIT.

LEXIT is developing a decentralized platform that will certainly disrupt the Mergers & Acquisitions (M&A) space.

LEXIT is an online marketplace on which entire companies, specialized departments, and their Intellectual Property (IP) can be bought, sold and licensed. This includes startups that wish to exit, but also companies that seek to sell or lease work-in-progress applications or independent developers selling their code and digital assets.

Going one step further, LEXIT connects sellers and buyers of IP, with independent appraisers and industry specialists to verify and evaluate offers, and to facilitate a professional Due Diligence process. The entire negotiation process is carried out through a cryptographically secure deal room.

All participants in the LEXIT marketplace must identify themselves and undergo a validation process to ensure accountability and to create a secure and fraud-free environment.

This is where SelfKey comes into play, LEXIT will use SelfKey KYC on-boarding software to meet the most demanding KYC & AML / CTF requirements and to identify and screen both individuals and legal entities in a simple, quick and reliable way.

In addition, through the SelfKey Identity Wallet, participants will be able to share their KYC profile with LEXIT and sign up with a single click. In the future, with the Corporate Identity Wallet, not only individuals will enjoy instant authentication, complex corporate structures will also be able to do so.

A perfect symbiosis

SelfKey and LEXIT are a perfect symbiosis with a shared goal: provide the necessary tools to individuals and companies to do things that are currently manual and burdensome in a more straightforward and electronic manner.

Currently, a start-up selling a certain business asset or the entire business faces several barriers, such as a time-consuming process, the need to conduct comprehensive market research, difficulty finding a buyer or the high associated costs, making the deal unprofitable.

LEXIT enables a marketplace that matches entrepreneurs, appraisers and investors, disrupting a market that is inefficient, while providing asset sellers with global exposure, reduced costs, and quicker execution times.

On the other hand, at SelfKey, we empower individuals with the ability to seamlessly identify themselves and go through KYC processes, while controlling their personal data and documents at all times.

SelfKey covers all identity transaction angles and provides great benefits to all entities involved:

For service providers, especially fintech start-ups, which relies upon KYC or identity, the SelfKey proposition is highly valuable. For them, KYC is only a cost center that supposes a blockade for its growth. SelfKey empowers them to overcome it and concentrate all their resources in developing and marketing their technology.

In turn, through the SelfKey Identity wallet, consumers have at their disposal a marketplace with a broad range of immigration, financial and cryptocurrency related services (see demo), without having to repeat the same KYC process over and over again. Creating a KYC profile once, allows them to access multiple services, such as the LEXIT Platform.

For certifiers, such as notaries, SelfKey provides the technology to easily and safely verify identities, and issue and monetize fully digital identity attestations.

The fact that such an ambitious project as LEXIT has relied on SelfKey to carry out one of the most critical and sensitive process of its platform, the due diligence & KYC, reaffirms SelfKey as one of the main players in a market that is expected to grow exponentially, giving us the opportunity to scale up our project quickly but sustainably.

The Blockchain Ecosystem

This partnership highlights the need to join forces between blockchain startups, in order to leverage synergies and achieve our ultimate goal of decentralizing the financial sector, developing fairer, more efficient and secure platforms that reduce risks and costs, digitize processes and democratize opportunities and accessibility.

“Trust and accountability are among the most important ingredients for the success of the new e-economy in general, and for LEXIT’s M&A marketplace in particular. SelfKey, with their industry-leading approach to digital-identity services, facilitates this trust and will allow us to hit the ground running even faster” Amir Kaltak, LEXIT CEO

Some companies are building decentralized platforms but storing information as sensitive as their users’ identities in centralized databases, which is contradictory with their vision and values.

LEXIT and other blockchain startups such as Polymath and Invox Finance, among others, have opted to collaborate with SelfKey to verify their participants’ identity in a decentralized manner, showing a strong commitment to enhance individual freedom and privacy, perhaps the ultimate promise for Blockchain.

As always, if you have questions or just want to chat about SelfKey with the core team, we invite you to be part of our Telegram community. To stay up to date on the latest news and announcements, join our announcement channel or subscribe to our mailing list.