PureFi Partners with Shufti to Secure Digital Identities in the DeFi Market

Originally Published on the Digital Journal 

London, 16 July 2021 – Shufti, an AI-based ID verification service provider, has joined hands with PureFi, a highly renowned AML protocol provider for decentralized finances, to safeguard the Decentralized Finance (DeFi) market against the risks of money laundering. 

Statistics reveal that where cryptocurrency hacks and thefts decreased in 2020, money laundering via DeFi is rapidly increasing well into 2021. PureFi has partnered with the emerging leader in the identity verification market to improve the verifiability of end-users and secure the exchange of information. 

Shufti aims to provide PureFi protocol verifiers with industry-leading AML and KYC verification to minimize the risk of onboarding money launderers in the DeFi market.

With the integration of Shufti’s ID verification service, all PureFi users will now have a verified digital identity and will be issued a Verifiable Credentials (VC) certificate by PureFi. VC certificates allow firms to validate information about end-users while protecting their privacy. Shufti will verify the identity of every customer that is onboarded in real-time, allowing PureFi protocol Verifiers – Liquidity Pool Operators and regulators – to independently reference the issued VCs while maintaining the end-user’s anonymity.

After thoroughly verifying each customer against criminal watch lists, Politically Exposed Person (PEP) lists, and global sanctions, the VCs will be issued to the end-users. The certificate can then be used by the users for ID verification without requiring them to scan their ID documents and selfie again.

“We are delighted with our partnership with PureFi for securing the DeFi industry against the recurring threat of money laundering. We are hopeful that our collaboration will strengthen trust, transparency, and AML/KYC compliance in the DeFi community”, stated Victor Fredung, CEO of Shufti. 

Since each digital identity will be verified by Shufti, the verification results will be provided with an accuracy rate of 98.67%. As a result, this will not only encourage a faster rate of customer onboarding, but will also promote AML/KYC compliance in the DeFi market. 

“After observing the rapid evolution of the DeFi market, we decided that now it was the right time to develop a product that will serve as the only legitimate gateway for mass adoption. We are incredibly delighted to become partners with Shufti – it brings us a step closer!” said Slava Demchuk, the CEO of PureFi. 

The solutions provided by Shufti are highly efficient since the incorporated global AML databases are updated every 15 minutes, leaving no chance of false positives. 

In a joint statement, both parties announced that the planned activities will be commenced by mid or end of August 2021.

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