November 14, 2022 - 4 min read
ARGOS ID presents the World’s First Travel Rule Solution for Unhosted Wallets - Press Release
Seoul, South Korea, 14th November, 2022, Chainwire
ARGOS ID is delighted to introduce the world’s first Travel Rule solution for crypto wallets. The service brings full coverage on verifying unhosted wallets which virtual asset service providers(VASPs) find challenging in the current stage.
As of the FATF guidance on verifying the originator and beneficiary information on virtual asset transactions, knowing the identities of the crypto wallet holders have been required. In order to comply with the FATF’s guidance regarding unhosted wallets, jurisdictions have started applying enforcement and supervisory measures to local VASPs.
To jurisdictions looking for a simplified Travel Rule solution, especially for personal crypto wallets, ARGOS ID plays a key role. ARGOS ID brings the following benefits to VASPs:
Easy connection to unhosted wallets
With ARGOS ID, crypto wallet holders can easily verify the information of their multiple crypto wallets. Creating a crypto wallet is done without submitting any personal information. In order to verify the holder of the crypto wallet, it is necessary to verify the identity information of the wallet holder. ARGOS ID helps on identifying the unhosted wallet users to both the originator and the beneficiary.
After the creation of the ARGOS ID users can connect to multiple crypto wallets such as MetaMask, Phantom, WalletConnect, and more with just a one-time identity verification process(KYC).
Digital ID suitable for Web 3 environment
ARGOS ID provides an ideal environment where individuals can manage information by themselves. It is suitable for the Web 3 environment as ARGOS ID users can decide which information to delete or revise after completing crypto wallet verification. Information includes SNS login, verified crypto wallet, and photos submitted for ID and selfie during the KYC. The owner of the wallet can manage his or her personal information as ARGOS ID is a self-sovereign digital ID.
Simplified procedure for verifying multiple personal wallets
Connect multiple crypto wallets with one-time KYC (Know Your Customer). The KYC process must be completed after creating ARGOS ID. Currently, ARGOS ID supports 5 blockchain networks - Ethereum, Solana, Binance Smart Chain, Polygon, and Klaytn - and more will be added in the future.
Post creating ARGOS ID with social login, KYC is performed. Once KYC is completed, multiple crypto wallets such as MetaMask, Phantom, and WalletConnect can get connected and verified through ARGOS ID.
ARGOS ID lets virtual asset transactions be possible for a third party, which means sending the virtual asset to non-VASP customers is also possible. For example, when a VASP customer wishes to send virtual assets to a third party, a person who is not a VASP customer, ARGOS ID can also be applied. Crypto wallet verification is available with ARGOS ID to both VASP customers and non-customers.
Once both crypto wallets are verified, exchanging virtual assets between customers and non-customers becomes possible. As both the sender's crypto wallet and the receiver’s wallet have been verified including KYC, it is expected to alleviate the inconvenience of numerous virtual asset exchanges in the current stage.
ARGOS ID is a digital ID suitable for the Web 3 environment. Apply ARGOS ID solutions to your service as it supports you in meeting regulatory compliance on sending and receiving virtual assets. Safely secure the necessary sender's and receiver’s information with ARGOS ID. With simple API and Web SDK, get ARGOS ID in your service ready without any delay. Experience the simple, fast, and easy integration.
ARGOS has started the business aiming to provide seamless KYC. With the advent of Web 3 and the rise in the crypto industry, ARGOS has expanded its business into ARGOS ID. ARGOS ID aims at providing a Travel Rule solution for verifying unhosted wallets. Make Unhosted Wallets Compliant.
Jieun Lina Kim
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