As the suite of MultiversX products, services and features continues to grow, the need for a native KYC solution, adhering to the strictest regulations and connecting these puzzle pieces became more apparent. Aside from fine-tuning existing features, the latest xPortal release brings with it massive changes in terms of KYC.
Firstly, moving forward, the KYC process for xLaunchpad will be handled exclusively through xPortal, helping create a more seamless and unified experience. (Users wishing to participate with a different wallet other than what they have linked in xPortal, Ledger users for example, will be able to update this information subsequently.)
On top of the xLaunchpad integration, the latest release also marks the launch of our reusable KYC feature for EEA users. This enables users who completed KYC for the xPortal Debit Card for example, to make purchases through the native on-ramp, or participate in xLaunchpad projects without having to go through the entire process again.
The KYC process can be accessed through 3 different flows:
- Making a purchase larger than 200 EUROs through our native on-ramp
- Ordering an xPortal Debit Card
- By connecting to xLaunchpad through the xPortal dApp Hub or Wallet Connect
While EEA applications will be handled internally through our native solution, non-EEA applications will be handled through the legacy option used in previous launches.
EEA users who have already completed the KYC process are able to take part in Launchpad events with very little additional effort or additional steps. For example, just by having to upload a proof of address document if they didn’t provide one during the initial onboarding flow, or the one provided is older than 3 months at the date of the Launchpad.
This brings a huge improvement on the user experience side, greatly reducing friction by either bypassing KYC completely, or cutting it down to the simple update of a few small details, neither small feats given the strict regulatory frameworks that need to be followed.
Offering users a seamless experience is essentially what we’re aiming for, and we’re doing everything in our power to get there, regardless of the legal hurdles and challenges this may pose.
The new KYC update is compatible with all xPortal versions starting 2.1.9.