Why Traceto.io Is Necessary In The World Of Cryptocurrencies ?

If you are a cryptocurrency investors, you must be very familiar with something called KYC as known as Know Your Customer process. This was born to help organization, company, project more understand about their clients, help them to identify customers, prevent money laundering activities, this process is very important to the world and especially in the cryptocurrency market. But this procedure contain many disadvantages and uncomfortable features, that's why there are more and more projects were born to deal with these problems and meet the need of the market, one of them is Traceto.io project.

What Is KYC and What Is Traceto.io Vision ?

Know your customer is the process of a business identifying and verifying the identity of its clients. KYC performance will help to prevent some risks related to anti money laundering, counter terrorism financing, credit worthiness and product suitability. And in the future Traceto.io will expand their business, there will be more services and product like know your supplier, know your employee, etc. This market is very potential to exploit.

• NOTE :

• Anti money laundering : Turn illegal money into legal money through the finance system.
• Counter terrorism financing : cash flow that used to terrorism activities or terrorism organization.
• Credit worthiness : Prevent clients from excessive spending and they can not afford.
• Product suitability : Prevent clients from the risk and not appropriate of finance product.

What Is Current Issue Of KYC ?

There are some outstanding problems in KYC process that organizations have to face with.KYC process now is performed mainly manually and checked by hand, this make KYC process last very long and waste of time, If you are trader and try to do KYC on exchange, you can see this procedure last very long, it may take days or weeks, some customer will give up because it is too complicated or wasted time, profit of organization will decrease. Moreover, because we are investing in cryptocurrency market, everything such as purchasing token, trading, registration, making transaction will be done online, not face to face method, KYC process too. This will help to increase the risk of money laundering and terrorism financing activities. In addition, doing KYC by hand require many experienced, skillful employee, this will make the cost and expense increase significantly.

Traceto.io will remove these all problem, they will give the ownership, control and management of KYC process back to the community, help to protect the users' privacy but still comply the regulation.

Which Organization Stand Behind Traceto.io ?

Traceto.io is a project that help to solve the problem of identity in cryptocurrency market, they are not just a pie in the sky, they have a big parent company based in Singapore that has enormous authority in the Financial Services Sector (including FinTech and Cryptocurrency start-ups) - Cynopsis company. They also have more than 450+ clients, many of them are very great such as Icon, Kyber Network, Zilliqa.

The world is turning into decentralization world gradually, so the role of KYC process in this market is very important especially to the personal information, the creation of decentralized, privacy protecting system like Traceto.io is necessary. Thanks for reading.

Some links related to Traceto.io :

Website : https://traceto.io/
Telegram : https://t.me/tracetoio
Ann Thread : https://bitcointalk.org/index.php?topic=2911588.0
Bounty Thread : https://bitcointalk.org/index.php?topic=3439768
Twitter : https://twitter.com/tracetoio
Facebook : https://www.facebook.com/traceto.io