The most exciting thing about Self-sovereign Identity is how it opens the doors to financial services that once only could be accessed by the rich and powerful, or licensed professional traders and brokers. Yes, banking! Simple old-fashioned online banking, now however the choices are global and endless and that’s because of SelfKey Bank Accounts Marketplace.
How Does The SelfKey Bank Accounts Marketplace Work?
We’re very excited for the upcoming SelfKey Bank Accounts Marketplace. It represents an important milestone for SelfKey but also for the blockchain space as a whole. We explain how it works and why you should care below.
The upcoming SelfKey Bank Accounts Marketplace represents a milestone in the blockchain space. For the first time, it will be possible to set up a foreign bank account from within a cryptocurrency wallet.
Many excellent jurisdictions will be available upon launch, with many others being added over time. The Bank Accounts Marketplace also offers unprecedented convenience, as the application is submitted digitally through the Wallet. Additionally, the know your customer (KYC) process is expedited by the SelfKey ID. As a result, this may well be the world’s fastest application for a bank account.
The Self-sovereign ID (SSI) is the long overdue promise of the Internet, to connect all people anywhere, with all products and services anywhere else and to bring integrity back. The connectivity has been available for two decades but the regulations on anti-money laundering and tax compliance made every person a potential criminal, so that all customers moving money cross-border were guilty until they could prove themselves otherwise. There was no integrity online.
As the rise in the online population grew, more and more fraud was happening and some countries were hosting fraud factories from Internet Cafes, this had been going on for a long time and nothing was done about it, so the corruption spread and the level of sophistication improved, also the skill at forgery and outright deception of impersonating either false identities or people other than themselves. The freedom of the web let the problem grow and we all spent money on anti-malware and other things, rather than solve the root cause.
Now once you establish your credentials on a blockchain SSI you immediately qualify for financial services in any jurisdiction of the world. Also, due to the overhaul in the global dual-tax treaties, to form the “Common Reporting Standard”, which makes it completely legal for an individual of one country to manage bank accounts in another country.
The SelfKey Bank Accounts Marketplace is the dawning of a new era online banking.