Introducing Interstellar KYC

Here at Fintech Ltd, we believe a lot in the use cases of blockchain technology that go beyond cryptocurrencies, and one very important use case of blockchain technology is asset tokenization.

Whether we like it or not, one of the important requirements and white elephants in the room for most asset backed tokens (ABT) is regulation, and when you talk about regulation, you can’t leave out KYC (Know Your Customer) and AML (Anti-Money Laundering).

According to the CEO of Fintech Ltd, Mr. Ernest Mbenkum:

When ABTs become ubiquitous and they will, we are going to have a very serious issue of KYC fatigue because users will be required to submit the same KYC info and documents across different companies, financial institutions, governments and jurisdictions.

Wouldn’t it be great if you could have a secure place to store all your KYC data and grant or revoke access to your KYC info for each ABT on a need to know basis and on demand?

That’s exactly what we did with Interstellar. An in-built KYC platform built with Stellar technology where you can securely store all of your KYC info and related documents.

Your KYC documents are encrypted locally on your device using your Stellar public key and can ONLY be accessed on your local devices via Interstellar using your Stellar private key.

Even though your KYC data is encrypted locally on your browser, we also store your encrypted data on our remote servers for backup. This is mainly for your convenience in case your device gets stolen, or you need to sync across multiple devices. Your encrypted data isn’t at risk on our servers because we do not know your private key(s).

The best part about our KYC implementation is that you get to pick and choose what you share with third parties like an à la carte menu. You will be able to see the specific data a third party is requesting from you, and only you have the power to share that specific info with the third party. If the third party only needs your email address and not your phone number, you will have the possibility to only share your email and exclude your phone number or other info.

KYC management is so important because we know it will be required in the most popular asset backed tokens category i.e. tokens tethered to fiat. Let’s call them fiat anchors for now.

Introducing Fiat Anchors

Crypto to crypto trading is cool. But do you know what’s even cooler? Fiat to crypto, and we’ve made it super easy to do just that within the Interstellar app.

Historically, Interstellar was only focused on anchoring other cryptocurrencies. We successfully anchored BTC, ETH, LTC and even XRP. Our deposit/withdrawal experience has always been so cool because you could deposit and withdraw any of our anchored crypto-currencies without leaving the app or relying on third parties. Interstellar has helped thousands of users with their crypto to crypto transfers. Coincidentally, we received a 5-star review from one of our fans on Google Play just as we were writing this blog post. Screenshot below: