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Verite KYB

Decentralized identity for crypto finance

 

Circle has created the first Verite KYB (‘Know Your Business’) credentials that are easily secured in a MetaMask Institutional wallet, just like digital assets. Eligible businesses can gain direct control over how, when and where their identity attributes are shared – and no personally identifiable data is sent or stored on-chain. To qualify for a KYB credential, a business must have a Circle Account and a MetaMask Institutional wallet.* Join our waitlist today for early access.

 

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Supported apps

Circle has partnered with TrueFi to enable support for Verite KYB credentials to access TrueFi’s permissioned lending platform with USDC. This enables institutions to transact with counterparties they can trust have been identify-verified. Additional supported apps are expected later this year.

 

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About Verite

Verite is an open framework for proving identity claims in Web3 without exposing sensitive personal information. Web apps, mobile apps and smart contracts get the benefit of identity-verified participants from the simple check of a Verite credential.

 

*Additional supported wallets are expected later this year.

Join the waitlist

FAQ

Centre, Circle and Block will collaborate on Verite to promote broader adoption of crypto finance and crypto payments. Early feedback on Verite, and commitments to collaborate on shared decentralized identity standards going forward, includes major ecosystem leaders Algorand, Coinbase, Compound Labs, ConsenSys, Espresso Systems, Hedera Hashgraph, Ledger, MetaMask Institutional, Phantom Technologies, Solana Foundation, Spruce, Stellar Development Foundation, and TrueFi.

The Centre Consortium developed Verite in collaboration with Circle. Circle intends to build on Verite to become an issuer and verifier of KYB credentials, which will enable institutions to participate in Web3 with counterparties they can trust.

No, Verite credentials are akin to “cryptographic badges”, which cannot be traded or exchanged on a secondary market. Verite credentials are only stored locally on a user’s wallet and they cannot be transferred to another wallet.

Decentralized identifiers (DIDs) are one of the standards for decentralized identity incorporated in Verite’s protocols. Verite also incorporates standards such as the verifiable credentials data model, presentation exchange, and credential manifest.