SelfKey and LEXIT: An Exciting New Partnership

2018 looks to be an exciting year for SelfKey, as they have just released the news of a new partnership with LEXIT.

LEXIT is a decentralized blockchain marketplace that’s already making waves in the Mergers and Acquisitions (M&A) field, including licensing and exchange of corporations and departments within those companies, as well as management of intellectual property. Basically, their clients include startups looking to sell, companies looking to sell or rent applications, and freelance developers selling code they wrote as well as other services.

The LEXIT marketplace is an invaluable peer-to-peer network, in which vendors and buyers are directly linked with each other as well as specialists in their field (such as appraisers). That all this is done on the blockchain sees that it’s safe and transparent, with all offers easily verified. The platform exists in a private and secure space, in which all participants in exchanges must identify themselves. That way, transactions are ensured to be free from fraud.

SelfKey’s Role in the Partnership

SelfKey could not be more appropriate for LEXIT’s security and identity verification needs. SelfKey is a decentralized digital identity system based on the blockchain. It has top of the line KYC software that perfectly fits LEXIT’s  requirements, and is capable of IDing and vetting individual buyer/vendors as well as legal entities.

The SelfKey Identity Wallet allows users to share their KYC profile with LEXIT and sign up for their platform instantly, cutting out the time-consuming registration process. They also have a Corporate Identity Wallet in the works to allow the same for corporations.

In this and many other ways, SelfKey and LEXIT are the perfect match when it comes to blockchain-based platforms that specialize in streamlining digital paperwork and cutting through red tape. SelfKey does this with onerous verification processes, letting users identify themselves easily during KYC processes and stay in control of their personal data at the same time, while LEXIT does it in a marketplace setting. Both platforms excel at linking buyers to vendors and providing a high level of global exposure, without involving any sort of costly and time-consuming third party.

SelfKey founder Edmund Lowell acknowledges that the fact that these two companies are joining forces is huge:

“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.”

Benefits of Using SelfKey

Fintech start-ups and other service providers using KYC protocol will find SelfKey’s tools and services highly valuable, as they will save both time and resources which are better focused elsewhere, such as in R&D or marketing.

The SelfKey Identity wallet also gives users an exciting opportunity to access a marketplace with a wide array of financial, immigration, and cryptocurrency-related services. All of these services will be at their fingertips with one preliminary KYC process, which they complete when they set up their profile.

Without a doubt, this partnership between LEXIT and SelfKey holds great things in store for both platforms. They’re both ambitious projects providing innovative and much-needed services, and hopefully they’ll serve as an example to encourage other blockchain projects to cooperate in the future. This, in turn, will both enrich and diversify the blockchain ecosystem as a whole, resulting in fairer, more efficient, and less costly services for everyone all around.

LEXIT CEO Amir Kaltak agrees, stating that the partnership will empower both companies:

“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, SelfKey is also partnering with other blockchain startups, such as Polymath and Invox Finance. The more the merrier in this case, as SelfKey will be able to promote their vision of secure, decentralized identity verification farther across the field, resulting in privacy and security of personal data for clients and consumers everywhere.

 

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