Crypto hardware wallet maker CoolBitX on Thursday announced that it has launched a “first-to-market” KYC/AML compliance-focused virtual asset transaction and security solution.
The Taipei-based company has also partnered with Japanese SBI Group’s crypto trading arm SBI VC Trade and will offer its newly launched to the platform.
“In a major step towards safer and more wide-spread cryptocurrency adoption, we are proud to have partnered with SBI VC on CoolXWallet, a KYC/AML solution based on CoolBitX’s technology,” Michael Ou, founder and chief executive of CoolBitx, said.
He also pointed out the mandatory need of strick KYC/AML practices by the virtual currency exchanges by the Financial Action Task Force (FATF), which in turn will help the company to partner with more industry players.
Services to secure crypto holdings
CoolBitX launched its in 2018 and added support to an array of digital coins including Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, and dozens of ERC-20 tokens.
The announcement also detailed that SBI VC is one of the early adopters of the CoolBitX’s technology and integrated the wallet to its platform, allowing customers to withdraw digital assets to their wallets following multiple layers of KYC.
“Currently, most KYC/AML responsibilities lie with the exchanges to ensure all transactions and individuals are legitimate. CoolBitX is happy to work with SBI VC by providing the CoolXWallet, and help in SBI VC’s effort to implement best practices in the area of KYC/AML for digital assets,” Ou added.
The wallet provider also partnered with Binance and to enable safe transfer of funds to the wallet platform.
“Using CoolBitX’s technology, CoolXWallet has given SBI VC an easy way to protect our customers while complying with Japanese and international KYC standards. The borderless nature of digital assets requires a solution that isn’t bound by geographical boundaries, and because of that, we are excited to implement the wallet as a secure system to drive cryptocurrency adoption forward,” Yoshitaka Kitao, president and CEO of SBI Holdings, said.