MARINA DEL REY, Calif.–(BUSINESS WIRE)–Quadrata, a passport network bringing the identity and compliance layer to public blockchains, announced its mainnet launch on the Ethereum network. The Quadrata Passport allows users to prove their “humanity” and KYC/AML status with the aim of expanding the range of services accessible on-chain.
The launch of Quadrata’s mainnet demonstrates the importance of bringing a verifiable identity on-chain to distinguish good user behavior from bad in a privacy-preserving manner. After 10 months of development, the team has built a suite of services that address the regulatory compliance and identity needs of the blockchain space. The passport is silicon-resistant and can be associated with a user’s distributed identifier (DID), much like an individual’s personal identifier in Web2. This creates a need for Web3 applications to ensure their users are real people and not bots. Applications can verify users’ KYC/AML status, country and, in the future, creditworthiness and accredited investor status, driving widespread adoption of Web3 for individuals and institutions.
“The launch of mainnet marks Quadrata’s entry into blockchain identity following this year’s surge in use cases for DeFi, NFTs, the Metaverse and gaming,” said Fabrice Cheng, co-founder, CEO of Quadrata. “Quarta’s goal is to provide a safer experience in this space and to further mitigate risk.”
Trusted dApps can also leverage Quadrata’s proprietary technology to provide their users with access to various services. TrueFi, the leading on-chain capital market for crypto-native and real-world loans, will integrate Passport technology at mainnet launch for its portfolio managers to provide compliance eligibility such as KYC/AML risk scores and accredited investor status for participating Adjust individuals and companies in its liquidity pools.
“The success of on-chain lending is critical to DeFi’s breakthrough in traditional global finance — but getting every element from identity and underwriting to risk management and collections is a daunting task. That’s why TrueFi is also proud to partner with Quadrata on the key component of identity to help TrueFi determine eligibility for incoming lenders or borrowers,” said Rafael Cosman, co-founder and CEO of TrueFi.
IdentDeFi, a DeFi protocol, works with Quadrata as an integral part of the Web3 compliance tech stack. “We will leverage Quadrata’s Passport technology to create a compliant liquidity network that supports both institutional and retail merchants, unlocking new use cases that have been waiting for identity infrastructure to be established,” said Casper Yonel, co-founder and CEO of IdentDeFi.
Quadrata celebrates the launch of mainnet with NFT sweepstakes for people interested in joining the network. Users can enter the Sweepstakes to win highly acclaimed NFTs like Mutant Ape, Doodles and more. Submissions will be collected for 8 weeks, with one winner announced each week. Visit quadrata.com/sweepstakes for more information on the Sweepstakes.*
The Quadrata NFT Passport will host verifiable identity information and compliance scores using its privacy- and sybil-resistant technology. This can support Web3 initiatives such as play-to-earn games, NFT drops, and token airdrops while mitigating the risk of automated bots on-chain. To learn more, please visit quadrata.com.
About Quadrata:
Quadrata is a Web3 company bringing the identity and compliance layer to decentralized applications on existing public blockchains like Ethereum. Quadrata’s privacy- and sybil-resistant technology enables smart contract applications native on-chain access to information such as DID, KYC/AML risk scores and country, as well as creditworthiness and the status of accredited investors in the future. Quadrata emerged from Spring Labs with an ongoing commitment to developing and advancing blockchain-based technologies. To learn more about Quadrata, visit www.quadrata.com or follow us on Twitter at @QuadrataNetwork.
*NO PURCHASE NECESSARY TO ENTER OR WIN. Must be 18 or older. Begins 7/26/2022 at 12:00:01 AM ET. Ends 9/18/2022 at 11:59:59 PM ET. Participation in each weekly drawing is separate. Participation in a weekly drawing is not participation in any other weekly drawing. Valid weekly entries are eligible for the grand prize drawing. The odds of winning a drawing depend on the number of entries into that drawing. Void in Balkans, Belarus, Burma, Ivory Coast, Cuba, Democratic Republic of the Congo, Iran, Iraq, Liberia, North Korea, Russia, Sudan, Syria, Ukraine (Crimea, Donetsk and Luhansk), Zimbabwe or any other location where prohibited or restricted and where prohibited. restrictions apply. For details, including entry without a passport embossing, see Official Rules.
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