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 the KYC/AML status with a goal to broaden the range of services accessible on-chain.
Quadrata’s mainnet launch signifies the importance of bringing verifiable identity on-chain, differentiating good user behavior from bad in a privacy-preserving manner. After 10 months of development, the team has built a suite of services that addresses the need for regulatory and identity compliance in the blockchain space. The Passport is sybil-resistant by design and can link to a user’s decentralized identifier (DID), similar to an individual’s personal identification in Web2. This establishes a need for Web3 applications to ensure their users are real people, rather than bots. Applications can verify users’ KYC/AML status, country and in the future, credit reputation and accredited investor status, furthering mainstream adoption of Web3 for individuals and institutions.
“The launch of mainnet marks Quadrata’s entry into blockchain identity following this year’s rise in use cases for DeFi, NFTs, the metaverse and gaming,” said Fabrice Cheng, Co-Founder, CEO of Quadrata. “Quadrata's goal is to provide a safer and more secure experience in this space and further mitigate risks.”
Trusted dApps can also leverage Quadrata’s proprietary technology to allow their users access to various services. TrueFi, the leading on-chain capital market for crypto native and real-world credit, will integrate the Passport’s technology upon mainnet launch for its portfolio managers to customize compliance eligibility such as KYC/AML risk scores and accredited investor status for individuals and businesses participating in its liquidity pools.
"The success of on-chain credit is critical to DeFi breaking into traditional global finance - but getting every element, from identity and underwriting to risk management and collections, is a difficult job. This is also why TrueFi is 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, is partnering with Quadrata as an integral component of the Web3 compliance tech stack. “We'll be leveraging Quadrata's Passport technology to create a compliant liquidity network that will support both institutional and retail traders and unlock new use cases that have been waiting for identity infrastructure to be in place," said Casper Yonel, Co-Founder and CEO of IdentDeFi.
Quadrata is celebrating the mainnet launch with NFT sweepstakes for individuals interested in joining the network. Users can participate in the sweepstake to win highly acclaimed NFTs such as Mutant Ape, Doodles, and much more. Entries will be collected for 8 weeks with one winner presented each week. More information on the sweepstakes can be found on quadrata.com/sweepstakes.*
The Quadrata NFT Passport will host verifiable identity information and compliance review ratings with the help of its privacy-preserving and sybil-resistant technology. This can aid 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.
Quadrata is a web3 company bringing the identity and compliance layer to decentralized applications on existing public blockchains such as Ethereum. Quadrata’s privacy preserving and sybil-resistant technology allows smart contract applications native on-chain access to information such as DID, KYC/AML risk scores and country, as well as credit reputation and accredited investors status in the future. Quadrata spun out from Spring Labs with a continued commitment to developing and promoting blockchain-based technologies. To learn more about Quadrata, visit www.quadrata.com or follow along on Twitter at @QuadrataNetwork.
*NO PURCHASE NECESSARY TO ENTER OR WIN. Must be 18 or older. Begins 12:00:01 a.m. ET 7/26/2022. Ends 11:59:59 p.m. ET 9/18/2022. Entry into each weekly drawing is separate. Entry into one weekly drawing is not entry into any other weekly drawing. Valid weekly entries are eligible for the grand prize drawing. Odds of winning in any drawing depend on number of entries for that drawing. Void in Balkans, Belarus, Burma, Cote D’Ivoire, Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Russia, Sudan, Syria, Ukraine (Crimea, Donetsk and Luhansk regions) Zimbabwe, or any other place where prohibited or restricted and where prohibited. Restrictions apply. For details, including how to enter without minting a passport, see Official Rules.