As the SelfKey ecosystem grows and their footprint expands, 2018 looks to be the year where they take on new challenges and embark on new partnerships. They are excited to announce their new partnership with LEXIT, a decentralized startup marketplace built on the blockchain that shows a great deal of promise for a complete overhaul of the Mergers and Aquisitions (M&A) industry.
LEXIT deals with the exchange and licensing of companies, specialized departments, and Intellectual Property (IP). What does this mean? They deal with clients who range from startups looking to get out of the business, companies that want to sell or rent out working applications, and independent developers putting their code and other services up for sale.
Moreover, LEXIT provides a valuable P2P network for sellers and buyers of IP, connecting them directly with each other and with appraisers and other specialists who can evaluate exchanges. Blockchain technology provides a safe and reliable infrastructure for doing professional due diligence required to verify offers.
All the negotiations that take place on the LEXIT platform are carried out in a private, cryptographically secure space. Consequently, all parties involved must identify themselves and be validated to ensure that all interactions in the environment are safe, accountable, and free from fraud.
SelfKey, as a blockchain-based digital identity system specializing in decentralized control of personal data, has the KYC onboarding software ideal for LEXIT’s purposes. SelfKey’s program is capable of satisfying the most stringent of KYC and AML/CTF requirements, as well as providing identification and vetting procedures for both individual and legal entities.
In addition, through the SelfKey Identity Wallet, participants will be able to share their KYC profile with LEXIT and sign up with a single click. In the future with the Corporate Identity Wallet, not only individuals will enjoy instant authentication, complex corporate structures will also be able to do so.
The Perfect Match
SelfKey and LEXIT complement each other perfectly. They are both innovative blockchain platforms that strive to enable both individuals and companies to complete onerous manual tasks in a faster, more streamlined digital environment.
Up until now, a start-up attempting to sell a business or a particular asset has several hoops they have to jump through, which include repetitive and redundant verification processes, wide-scale market research, and the search for a buyer, all of which waste time and eat away at profits.
LEXIT provides a single marketplace that facilitates all of these pain points, linking entrepreneurs with appraisers and investors. Its platform disrupts an inefficient and outdated market, providing asset sellers with global exposure, lower costs, and saved time.
And then there’s SelfKey, which gives users the capacity of easily and effectively identifying themselves and undergoing KYC processes, all the while staying in complete control of their personal data and documents.
The SelfKey platform is incredibly versatile, covering all aspects of identity transaction for a wide range of clients.
Service providers – in particular fintech start-ups – that utilize KYC protocol, will find SelfKey’s services invaluable. SelfKey provides the tools to overcome the stumbling block that KYC poses for companies, allowing clients to focus their time and resources on R&D and marketing their product.
Certifiers, such as notaries, will also find the SelfKey technology invaluable when it comes to verifying identities, issuing, and monetizing digital identity attestations.
Moreover, the SelfKey Identity wallet gives users access to a marketplace with a vast selection of immigration, financial, and cryptocurrency-related services, all of which they can access through the one initial KYC process – no repeats necessary – they completed when they created their SelfKey profile.
The partnership between LEXIT and SelfKey is exciting news in part because the two projects have great synergy and will set a positive precedent for other platforms thinking of working together in the blockchain space.
SelfKey founder Edmund Lowell sums it up:
The fact that such an ambitious project as LEXIT has relied on SelfKey to carry out one of the most critical and sensitive process of its platform, the due diligence & KYC process, reaffirms SelfKey as one of the main players in a market that is expected to grow exponentially, giving us the opportunity to scale up our project quickly but sustainably.”
The Blockchain Ecosystem
LEXIT and SelfKey’s partnership is a prime example of how cooperation between blockchain startups, and the synergy resulting from well-matched platforms, can reap increased rewards for everyone involved. Ultimately, we’re all working towards the same goal of decentralization and democratization of the financial sector, and the fact that SelfKey and LEXIT are working together to achieve this is a tremendous leap forward for the blockchain space as a whole. In time, this will result in fairer, more accessible, and more efficient platforms, with the added benefit of lower costs.
LEXIT CEO Amir Kaltak has high hopes for the joint venture:
Trust and accountability are among the most important ingredients for the success of the new e-economy in general, and for LEXIT’s M&A marketplace in particular. SelfKey, with their industry-leading approach to digital-identity services, facilitates this trust and will allow us to hit the ground running even faster.”
In addition to LEXIT, other blockchain startups, including Polymath and Invox Finance, are also joining forces with SelfKey. And, of course, with more platforms opting in to the SelfKey ecosystem, the more empowered they will be to advance their shared ambition of safe, decentralized verification of clients’ identities, resulting in greater freedom and privacy for consumers as a whole.