Oasis Labs Partners With Equifax To Power On-chain KYC Solution

On Wednesday, Oasis Labs, a privacy-focused cloud computing business, and Equifax announced a new relationship.

Oasis Labs will leverage Equifax’s identification, fraud, and compliance data, which drives its consumer credit report software, to power its decentralized identity management and KYC offering. The agreement announced today would enable the Oasis Network to provide KYC due diligence and monitoring.

Equifax offers very reputable and dependable data, as well as being a pioneer in the financial services industry, according to Professor Dawn Song, CEO of Oasis Labs, and this will help create more trust in deploying blockchain technology for real-world use cases. He stated:

“Equifax is an innovative leader in the financial services space and brings highly credible and reliable data that will help drive more trust in using blockchain technology for real use cases. We are working to not only build a better, more efficient decentralized identity and on-chain KYC solution, but to help accelerate the adoption of Web3 and bring more trust to the industry.”

As the Web3 world evolves, so does the demand for identity management and KYC solutions to assist decrease risk and to establish trust in on-chain transactions. Equifax’s U.S. information solutions CRO and senior VP of global partnerships, Joy Wilder, stated:

“Our partnership with Oasis Labs is an example of how Equifax creates opportunities for crypto-currency providers and blockchain technology by combining on-chain and off-chain data and technology.”

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