ID Crypt Global, ADEX, and cheqd Partner to Bring Trust and Reputation to DeFi
London, United Kingdom, November 29th, 2024, Chainwire
cheqd, a decentralised payment and trust infrastructure provider, has announced a strategic partnership with ID Crypt Global, a leading digital identity and security company, to integrate cutting-edge identity and security solutions into Apex Digital Exchange (ADEX), a prominent player in the decentralised finance (DeFi) space. This collaboration is designed to tackle two critical challenges facing the cryptocurrency and DeFi markets: user trust and identity verification.
Strengthening Identity and Security
The partnership integrates cheqd’s decentralised identity infrastructure with ID Crypt Global’s KYC, AML, and compliance solutions, enabling ADEX users to securely verify identities while maintaining control over their data. ID Crypt Global is a leader in digital identity innovation. Its solutions ensure fast privacy-preserving onboarding, continuous KYC/AML checks, and regulatory compliance, improving both security and user experience.
“ID Crypt Global is excited about this upcoming partnership, bringing our banking grade KYC and FinCrime tools to the DeFi community. As an identity and security specialist our main focus is the safety and privacy of our users whilst at the same time, easing their experiences and access to new and innovative services”.
“Whilst users must trust financial platforms, trust works both ways. Financial service providers in both a DeFi and TradFi model need to be able to trust that their platforms are not being used for illegal activity. The lack of controls within DeFi typically causes a barrier to entry, not just for wider consumer adoption but for the support of traditional financial institutions”.
“This partnership will provide greater levels of security, privacy and protection against financial crime, all of which contribute back to delivering greater trust in the DeFi and ADEX model” – Lauren Wilson-Smith, ID Crypt Global founder and CEO.
Advancing Trust and Compliance Standards
cheqd’s decentralised identity technology enables ADEX to offer a secure, cost-effective platform with lower trading costs and more accessible fiat on-ramps. By eliminating intermediaries, ADEX incentivises compliance through reputation based rewards. Real time identity verification, biometric checks, and risk updates help reduce fraud and build trust, addressing rising crypto-related scams and fraud losses.
“At cheqd, we’re building the trust and payment infrastructure that underpins the future of decentralised finance and beyond. Our partnership with ID Crypt Global and ADEX brings our privacy-preserving payments, decentralised identifiers (DIDs), and advanced Trust Registry capabilities to the DeFi space, allowing users to engage with confidence in a secure, compliant environment. By leveraging cheqd’s infrastructure, ADEX can create a trusted, fraud-resistant platform, reducing friction for users and encouraging broader adoption. This collaboration is a significant step toward making decentralised finance more robust as traditional financial players begin to explore this innovative space.” said Fraser Edwards, Co-founder and CEO at cheqd.
Bridging DeFi and Traditional Finance
This collaboration may also provide a solution for traditional financial institutions hesitant to enter DeFi due to security and compliance concerns. By adopting decentralised identity standards and enhanced security, ADEX can align with the compliance measures familiar to traditional finance, fostering new partnerships that bridge the gap between DeFi and the broader financial services industry.
“Our mission is to build an exchange that can be used by both experienced crypto traders and those just starting out on their crypto journey.To do that, we must fully embrace DeFi models while at the same time, provide the security, compliance and protection that users would expect from a bank.
Working with cheqd and ID Crypt Global, we are able to stay true to our DeFi web 3 beliefs while at the same time delivering bank grade KYC and compliance. Not only does this partnership bring great trust in our exchange, it forms the cornerstone of our roadmap. As we look to blur the lines between traditional finance and the DeFi world, ease FIAT on and off ramps and democratise the trading of Real World Assets (RWAs), these partnerships, web 3 identity and fincrime compliance will play an increasingly important aspect forADEX” – Ben Bateman, Trustee at Apex Digital Exchange (ADEX).
About ID Crypt Global
ID Crypt Global (IDC) is an innovative digital identity and security specialist, providing services to both businesses and individuals. IDC follows a Self-Sovereign Identity model for both its identity based solutions and security services, including its Decentralised Public Key Infrastructure (DPKIps) suitable for financial market infrastructure. Similarly, IDCs Authentic Media Protection provides provenance and protection for Intellectual Property (IP), also known as Content Credentials which will be crucial in combating fraud or IP issues with AI.
About ADEX
Set to launch in Q4 2024, Apex Digital Exchange (ADEX) is a new decentralised crypto trading exchange that supports multiple chains on which thousands of digital assets are listed and traded. Unlike many decentralised exchanges, ADEX also supports popular assets that are typically associated with centralised exchanges only, assets such as BitCoin.
About cheqd
cheqd is the trust and payment infrastructure to enable the creation of Self Sovereign identity, eID, digital credential businesses, and ecosystems. By offering privacy-preserving payments for identity transactions, cheqd enables seamless, secure credential exchanges across platforms. The $CHEQ token serves as the foundation of these identity transactions. cheqd supports various credential formats to meet global standards, including frameworks like eIDAS 2.0 in Europe, ensuring digital identities remain secure, verifiable, and interoperable across borders. Users can get $CHEQ to secure the cheqd network.
