Global FinReg has entered into partnership with Concordium to launch a new corporate identity verification service. The solution provides a simpler and smoother way for companies to create their identities and accounts on-chain.
As of today, August 22, companies of any size will be able to use the Concordium browser wallet to submit legal documents for verification by Global FinReg. After a successful signing ceremony on-chain, Global FinReg is added as the newest identity provider to Concordium with this transaction.
The implementation makes for a great improvement in user experience while facilitating the identification, and now it is faster and easier for companies to create accounts without requiring Concordium Company ID tool anymore or any additional communication with the identity providers.
With this integration, Concordium enables companies to use Zero-Knowledge Proofs in their applications, which can be used to create smart contract operations for a specific country or region (e.g., the EU) for any interactions on-chain. Being the only layer-1 with an ID layer at the protocol level, Concordium is in a unique position for the future economy and for faster adoption by companies. As such, this partnership is an important milestone.
"Concordium is the only blockchain that embeds the corporate identity into the blockchain itself," says Conor Ringland, Head of Partnerships at Concordium. "In the ever-evolving crypto space, this solution does two things that are crucial: it ensures user security while preserving privacy."
Global FinReg is a leading global LEI registration agent and a reputable expert in the corporate verification world.
"We are thrilled to facilitate the extension of company and people validation to the blockchain" says David Silverman, CEO of Global FinReg. "We are always looking for ways to combine our LEI industry knowledge and regulatory know-how to ensure digital security."
Global FinReg and Concordium consider themselves to be like-minded partners with a shared vision, and for Concordium, the corporate identity solution goes a long way towards making crypto a viable solution for everyone - individuals and companies alike.
"The future possibilities with this solution are endless," continues David Silverman. "This solution can help solve problems ranging from money laundering and monetary scams to validating online signatories."
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