Stellar Development Foundation Supports Verite to Promote Adoption of Crypto Payment Solutions

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To support Verite, the Centre Consortium will partner with FTX, a leading cryptocurrency exchange, and Alkemi Network. A press release shared by Bitcoinist said the partners are committed to expanding access to the crypto environment, promoting crypto payment solutions, and the DeFi sector.

As a set of decentralized data models and identity protocols, Verite aims to give people more control over their data and who can access it. Coinbase and Circle, the two companies behind USD Coin (USDC), founded the consortium Center, which invited developers to begin working with Verite.

Moreover, Verite will offer users the capability of verifying their identities cryptographically and moving those identities across multiple blockchains. The Chief Strategy Officer and Co-Founder of Alkemi Network, Brian Mahoney, explained how Alkemi’s objectives are in alignment with Verite:

Across the crypto space, Alkemi Network is focused on expanding accessibility for users. That’s why we’re proud to partner with Centre and support Verite and its mission to introduce a standard for sharing identities and information in the crypto space. Increased privacy, security, and control that Verite will provide will benefit everyone, from the institutions building on blockchains to the users transacting on them.” – end of quote.

The initiative has received support from FTX, Alkemit Network, Algorand, Block, Coinbase, Compound Labs, Espresso Systems, Hedera Hashgrap, Ledger, MetaMask Institutional, Phantom Technologies, Solana Foundation, Spruce, and Stellar Development Foundation, according to the press release.

What Will Be The Effects Of Centre, FTX, And Alkemi On Users?

Verite will be able to provide multiple networks, crypto wallets, exchanges, with their partner FTX, web applications, mobile applications, and smart contract platforms. Providing the crypto ecosystem with more trust and privacy-preserving tools is the objective of this solution.

As mentioned, Verite was designed to give users control, but also to make it easy to transact in the space and its many sectors, and to remove friction. The solution facilitates Know Your Customer (KYC) processes by allowing individuals to prove their credit scores, investor status, and other sensitive data without revealing their private information.

David Puth, CEO of Centre, says:

In the crypto finance space, there is no industry-wide agreement regarding how products and services might interoperate. We are pleased that our partners, some of the most influential institutions in the industry, share our belief that Verite’s identity standards will give users greater transparency, privacy, and convenience.” – end of quote.

Centre announced Verite less than a month ago, according to Bitcoinist. A series of interactive demos and samples have been released by the Consortium so that developers can start implementing the solution. Here are some of the use cases to be implemented with Verite.
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