KYC often determines the user experience at the very early stage of service because it verifies the identity of users. During this process, service providers face two major problems. First is that no matter how the KYC is simple, a lot of customers leave. Second is that, while keeping the process simple, they need to be able to comply with regulations.
With other KYC solutions, it may take a long time to get approved or you may suffer from rejected KYCs, and above all, it's hard to support virtual asset service providers to comply with the 'Travel Rule'.
As a KYC expert, ARGOS deeply sympathized with the customers' difficulties and the problems experienced by ourselves and decided to introduce a new solution called 'ARGOS ID' to solve these issues.
To define ARGOS ID in one word, it's 'KYC completed digital ID with wallet address', has the following features:
- 1.Single Sign-On: Enables users to access multiple services with one verification
- 2.Instant Verification: KYC completed digital ID which can be used immediately
- 3.Wallet Address Stored: Digital ID combining personal information and wallet address
- 4.Supporting Multi-Protocol: Connectable with 5 protocol-based wallets
- 5.Data sovereignty: Users have the sovereignty of their own data, not the platform
From the 'Anti-Money Laundering' perspective, virtual assets become a problem because of their 'anonymity', one of the biggest characteristics of virtual assets.
KYC has been implemented to clarify who owns the wallet, and now the 'Travel Rule' regulates to collect beneficiary's name and wallet address.
But transactions between exchange and custodial wallet(exchange controls the wallet), tracking transfers to 'Non-custodial wallet(user controls the wallet)' still remain a big problem to solve.
By securing the address of the non-custodial wallets represented by 'Metamask' and verifying the owner, ARGOS ID makes 'unhosted wallet' compliant.