The Kava-supported lending market, Hover, has announced its partnership with Quadrata, a GDPR-compliant digital identity (DID) service. By undertaking an optional KYC check, Hover users will be able to partake in an additional service on Hover, the Hover Rewards Program, which provides stakers with a portion of protocol fees. This collaboration will be the first public KYC check for any project launched within Kava.
Quadrata is a digital identity service offering KYC/AML screening, accredited investor verification, and on-chain credit scores for DeFi protocols and businesses interested in participating in the Web3 space. Upon successful onboarding, a user’s wallet is issued a Quadrata passport as a non-transferable NFT which contains no direct personally identifiable information. On-chain services query this NFT for certain data verified by Quadrata, such as country or AML risk score , and grant access to users if the passport passes their check.
One of Hover’s core contributors, Vincent Wu, shared, “Decentralized Finance is always looking for new ways to grow and add value to the greater cryptocurrency space. In order to ensure that Hover is following best practices, we have integrated with Quadrata.” For Hover, this means that users from OFAC-sanctioned countries such as Iran and North Korea as well as certain other jurisdictions, such as the United States of America, cannot partake in the Hover Rewards Program. These countries, and others, will additionally be barred from the application via geoblocking of IP addresses.
Decentralized finance protocols, similar to Cosmos platform Mars Protocol, are restricting access in an effort to block sanctioned players and illicit activity. Quadrata’s President, Lisa Fridman, shared this about how Quadrata is changing on-chain finance, “Quadrata is proud to support a growing ecosystem of DeFi applications focused on bringing compliance-aware solutions on-chain. Our goal is to enable users to leverage their identity to gain access while protecting their sensitive information.”
Hover is a revolutionary non-custodial liquidity market that facilitates the lending and borrowing of digital assets. Native to the Kava ecosystem, Hover supports the growth of Cosmos with advanced DeFi market services. For more information, visit: https://hover.market
Quadrata is a passport network bringing the identity and compliance layer to DeFi applications on existing public blockchains. Smart contract applications are able to leverage Quadrata’s proprietary technology to natively access KYC/AML status, country of residence as well as credit reputation and accredited investor status of Quadrata passport holders.
For more information, visit: https://quadrata.com/