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Blockchain security company CoolBitX has announced the early adoption of its technology by VC Trade, the Japanese cryptocurrency exchange launched by SBI Holdings.
CoolBitX made the announcement alongside the launch of Sygna, its know-your-customer (KYC) and anti-money laundering (AML) compliance-focused cryptocurrency transaction and security solution. The solution removes the burden of conducting KYC from exchanges by ensuring that all wallet holders are fully KYC-ed through their wallet.
According to the press release, VC Trade, which officially launched in March, was one of the early adopters of the first wallet developed by CoolBitX, the CoolWallet S.
VC Trade is using a customized version of the flagship wallet, named CoolXWallet, which allows customers to only withdraw digital assets to their wallets following multiple layers of KYC.
“The FATF has now set firm KYC/AML guidelines for the virtual asset industry, regulating VASPs [virtual asset service providers] in the same way as financial institutions,” Michael Ou, founder and CEO of CoolBitX, said. “In a major step towards safer and more wide-spread cryptocurrency adoption, we are proud to have partnered with SBI VC on CoolXWallet, a KYC/AML solution based on CoolBitX’s technology.”
The companies said that the early adoption of the Sygna-based solution by VC Trade represents a “first proof-of-concept” of the technology in the real-world, CoinDesk reported.
Yoshitaka Kitao, representative director, president and CEO of SBI Holdings, said:
“Using CoolBitX’s technology, CoolXWallet has given SBI VC an easy way to protect our customers while complying with Japanese and international KYC standards. The borderless nature of digital assets requires a solution that isn’t bound by geographical boundaries, and because of that, we are excited to implement the wallet as a secure system to drive cryptocurrency adoption forward.”
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