StakeHound’s second out of three infrastructural pillars: Altcoinomy — trusted KYC and AML provider
At StakeHound we aim to provide secure and reliable service thus building a strong infrastructure around stakedTokens is our main priority. Thanks to our partnership with Altcoinomy we gained a trustable KYC and AML provider, to ensure compliance with Swiss regulatory framework.
StakeHound eliminates the choice between staking and participation in DeFi. To achieve it StakeHound creates stake-backed, instantly transferable tokens which can be immediately used in DeFi. Original tokens are staked in the pool, and StakeHound distributes staking rewards directly to users as additional stake-backed tokens on the regular basis. But what is exactly happening in the background? When the KYC/AML procedure is required and what to expect from it?
StakeHound & Altcoinomy Partnership
From the very first moment we at StakeHound realized that to offer best in class service we must build an efficient and secure infrastructure supporting stakedTokens. StakeHound’s solution for staking and DeFi stands on three pillars one of which is compliance with regulatory requirements. StakeHound is a Swiss based company and thus all our operations are a subject to Swiss law and regulations. What it essentially means for our users is that the two major transactions when they want to transfer original PoS tokens to StakeHound and when they wish to withdraw them back will require a mandatory KYC / AML procedure. And this is where our partnership with Alcoinomy comes into the picture.
Both StakeHound and Altcoinomy understand that the KYC/AML check is a sensitive procedure and it is extremely important to ensure security of the personal data of our users at all times as well as to provide a smooth and easy to follow process of onboarding. Thus this partnership with Altcoinomy, an experienced KYC/AML provider fully compliant with all the latest regulatory requirements of Swiss FINMA is an essential part of the StakeHound operational and business model.
At the same time at StakeHound we aim to maximize the usability of stakedTokens and therefore once stakedTokens reach the market they can be freely traded and used in the major DeFi applications without any KYC/AML involved. Thus pretty much any user will be able to buy and sell stakedXZC on Uniswap for example without compromising his identity.
Why Altcoinomy
Altcoinomy SA is a Geneva-based financial intermediary supervised by the Swiss Financial Services and Standards Association (VQF). Altcoinomy specializes in offering comprehensive and vertically integrated financial, banking and compliance solutions to blockchain-based projects. Over the past 12 months, they have opened over 50 bank accounts for early adopters and crypto millionaires and 15 bank accounts for various ICOs/STO projects.
By partnering with Altcoinomy, StakeHound adds to its infrastructure a state of the art onboarding KYC/AML platform. Altcoinomy procedures are approved by VQF (Swiss Self Regulating Organization) and fully compliant with Swiss FINMA requirements. Its automated screening and validation of identity documents software is ISO certified. Thus ensuring a secure and smooth onboarding process for all StakeHound users.
“Ask me Anything” session with Altcoinomy
We are happy to announce that for the next already traditional StakeHound AMA session hosted by our CEO Albert Castellana we have invited Olivier Cohen, COO and Noé Curtz, CIO of Altcoinomy for a live interview streamed on StakeHound Facebook Page. And as always they will be joining StakeHound Telegram group to answer more of your questions after the interview ends!
This time the session will be held on Thursday, 1st of October at 11:30am CEST.
StakeHound at glance
StakeHound eliminates the choice between staking, essential for any PoS network security which also generates stable rewards, and liquidity, enabling users to freely trade their tokens and participate in DeFi. To do it StakeHound creates stake-backed, instantly transferable tokens which can be immediately used in DeFi. We aim to support all major Proof-of-Stake cryptocurrencies with Zcoin as the first token to be launched already in the beginning of October 2020.
Here is how StakeHound works. Users send their favourite Proof of Stake tokens, such as XZC, RADIX or XEM, to StakeHound which is received by one of our institutional-grade custodian partners. StakeHound then instantly generates and sends the user a one-to-one ERC-20 representation of their original tokens. StakeHound stakes the tokens it receives, and distributes staking rewards directly to users as additional stake-backed tokens. Users will be able to take their stake-backed tokens and use them in all popular DeFi applications.
StakeHound users can swap their stakedTokens back for their original tokens at any time. Although due to the nature of staking, this may have a time delay while unstaking is completed.
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