In the first of our series of partnership articles, ADEX would like to introduce our partners at ID Crypt Global to explain a few aspects of our work together and the nature of our collaboration. This reciprocal relationship is ever-evolving with new ideas shared constantly and so we can only hope to give a provisional overview here with many more features to be shared in the coming months.

What is ID Crypt?

ID Crypt Global is a digital identity solutions provider with a focus on privacy, security and Self-Sovereign Identity (SSI). ID Crypt utilises state of the art KYC, FinCrime and AML software to fully automate the authentication process whilst remaining legally compliant. ADEX have partnered with ID Crypt so as to offer our DEX customers a secure, convenient, compliant and most importantly direct fiat on / off ramp for the first time.

ID Crypt utilises real-time biometric technology which matches user-generated selfies or video with their government-issued records or documents (e.g. passports). This whole KYC process can be completed in less than 20 seconds and, once complete, the user can benefit from one-step verification on any supported platform. It is important to note that all the information of ADEX customer trades remains as anonymous as any other DEX and that this information is only used in isolation within the wallet itself at point of necessary KYC for fiat transfer.

ID Crypt’s identity solutions support more than just one pure identity verification and draw their information from multiple sources. ID Crypt Global is part of the Self-Sovereign Identity (SSI) community and works towards integration within, and towards expansion of, wider digital identity ecosystems. From the ID Crypt website:

Digital identity is not one thing, there should never be a “universal” digital identity, rather identity is made up of a collection of identities. It’s important to therefore operate within an eco-system that is open and encourages other digital identities to be issued to an end user.

ID Crypt utilises cryptographic verifiable credentials for any data that can be linked to an individual to supply proof of ownership. This data can be used to supply credentials in various fields but only ever with the identity owner’s express permission. The power and use of this information remains in the hands of the individual.

ID Crypt Global also provides a secure storage facility for those that might need it. The Self-Sovereign Encrypted Storage service enables encryption keys to be generated by users, with keys stored locally and securely within an IDC Agent (secure value installed in the cloud) or on an individual’s mobile device, the IDC Vault app.

Benefits of Collaboration

The process of onboarding fiat currencies, transferring them to your chosen wallet and then interacting with a DEX can be a laborious and costly one. Through our wallet, developed in collaboration, ADEX, ID Crypt and our FinTech partners are working together to streamline this process in every regard.

ADEX are building all aspects of our DEX with a view to simplicity, fluidity and, above all, personal choice throughout your trading experience. Whilst the technology behind our development is complex, it’s important to us that our UI is intuitive, adaptable and approachable for users of any experience level and that we save our customers both time and money in any way that we can.

ADEX and our partners have committed to highly competitive on / off fiat ramp fees in every case. We are set to beat the direct competition in every case.

Fewer steps in the process means that less bites are taken out of your funds. Every Crypto user is tired of third party senders and receivers taking transfer fees at both ends and then conversion fees on top…we aim to fix this.

Holders of the $ADEX token or our NFTs will have no need to stake within the ID Crypt wallet and will benefit from reduced trading fees in various ways to be explored and discussed.

A Digital World

Both ADEX and ID Crypt sit within a broader modular suite of FinTech products currently in development. The ID Crypt wallet sits at the heart of this ecosystem and will allow ADEX to offer forms of interaction with TradFi previously unsupported in the world of DeFi, cryptocurrency and digital assets in general. We look forward to sharing more about these developments and the interplay of these projects in future articles.

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