South Korean cryptocurrency exchange Bithumb announced on Tuesday it has integrated with blockchain-based digital identification organization, MyID Alliance. Bithumb claims it is the first Korean virtual asset exchange to implement the distributed identification (DID) service performed by the organization. Bithumb Korea will notably participate as a Growth Partner. The exchange stated:
“MyID is a blockchain based authentication platform which assists users in bypassing the tedious procedures involved with submitting proof of identity by storing identification data in personal devices, and retrieving select data at the time of authentication. In addition, MyID is built on blockchain and biometric authentication technology, thereby enhancing security.”
Bithumb further explained that the MyID Alliance consists of nearly 60 partners, which range from large corporations including Samsung Electronics and Posco, as well as financial entities such as Shinhan Bank and IBK Bank. A Bithumb rep formerly revealed the partnership with MyID Alliance for distributed identification (DID) allows for streamlined personal IDing and authentication, reinforced security and improved convenience for virtual asset trading. They then added:
“Moving forward, the company will keenly adopt innovative blockchain and IT based solutions, as it evolves into a comprehensive, digital finance platform.”
Bithumb is a digital asset exchange that was launched to meet the “diverse needs” of users from around the world. The platform uses deep resources and technology to provide a range of services, including digital asset exchange, digital asset issuance, blockchain project incubation, and decentralized financing.