What is KYC?
In traditional finance, KYC stands for Know Your Customer and is used to comply with financial law. In crypto, KYC holds a bit of a different meaning where it refers to an unbiased third-party validating the identity of project creators.
How Does KYC Benefit Investors?
By investing in a KYC project, individuals can feel confident in their financial decisions knowing that there are team members who can and will be held accountable in the event of a financial crime. For example, suppose this unfortunate circumstance occurs in a KYC project. In that case, the company that has issued the KYC certificate is obligated to share the personal identities and details with the proper authorities and those affected. This creates a layer of assurance for investors and helps weed out any bad actors in this space.
Why Soken DeFi?
An up-and-coming Defi and Web3 security company, Soken takes its business model very seriously when offering compliance measures to potential clients. Soken uses a wide variety of tactics to ensure the legitimacy and credibility of those who hold their certification. Soken also uses a rotating set of compliance criteria that are not shared publicly in order to prevent bad actors from “prepping” to beat the system. For these reasons, Gnox found Soken to be the best choice for our project.
We are pleased to have passed Sokens rigorous KYC process and will continue to put the safety and security of our investors first at all times and with everything we do here at Gnox. Having you with us here today is the greatest honor and we look forward to bringing accessible DeFi to everyone!
KYC certificate issued by Sokan DeFi