Quadrata, a passport network bringing the identity and compliance layer to the public blockchain, has successfully onboarded the Ethereum network on its mainnet to allow its users to prove their humanity status to a wide range of services accessible on-chain.
In a July 27 press release, Quadrata confirmed the successful integration of its passport network on the Ethereum network to scale up its functionalities. The recent network integration appears a few weeks after Quadrata announced the successful completion of a funding round that raised more than $7.2 million for expansion.
According to Quadrata, the new integration of its passport network on the Ethereum blockchain signifies the importance of bringing verifiable identity on-chain and differentiating good user behavior from perpetrators in a privacy-preserving manner.
Since its inception in 2021, Quadrata has successfully established a series of services, including the passport functionality, which addresses the urgency for regulatory and identity compliance in the nascent blockchain sector.
By design, the Passport is Sybil-resistant, allowing users to link decentralized identifiers (DID) similar to an individual’s identification in Web2. The Passport solves the need for Web3 applications to ensure their users are real people rather than computer bots.
Interestingly, Quadrata’s passport application has the potential to verify the user’s identification, individual country, and KYC and AML status. In coming months, Quadrata anticipates expanding to credit reputation and accredited investor status. Commenting on the recent integration, Fabrice Cheng, the co-founder and CEO of Quadrata, noted:
“The launch of mainnet marks Quadrata’s entry into blockchain identity following this year’s rise in use cases for DeFi, NFTs, the Metaverse, and gaming. Qratuada aims to provide a safer and more secure experience in this space and further mitigate risks.”
Other Quadrata Integrations
Quadrata mainnet upgrade has attracted a series of new partnerships from trusted decentralized applications (DApps) such as TrueFi and IdentDeFi. The two newly integrated firms will utilize Quadrata capabilities to allow their users access to various services.
TrueFi, the leading on-chain capital market for a crypto native and real-world, anticipate leveraging Passport technology to customize compliance eligibility such as KYC/AML risk scores and accredited investor status for individual and businesses in its liquidity pools.
While commenting about the recent integration, Rafael Cosman, the co-founder, and CEO of TrueFi, remarked:
“The success of on-chain credit is critical to DeFi breaking into traditional global finance. But getting every element, from identity and underwriting to risk management and collections, it’s a hard task. That is also why TrueFi is proud to partner with Quadrata on the key component of identity, to help TrueFi determine eligibility for incoming lenders or borrowers.”
Elsewhere, IdentDeFi, a decentralized finance protocol, has partnered with Quadrata as an integral component of the Web3 compliance tech stack. While expressing his anticipation over the new integration, Casper Yonel, the co-founder and CEO of IdentFi, commented:
“We’ll be leveraging Quadrata’s Passport technology to create a compliant liquidity network that will support institutional and retail traders and unlock new use cases that have been waiting for identity infrastructure to be in place.”
To celebrate the mainnet launch in style, Quadrata offers non-fungible token (NFTs) sweepstakes for individuals spurring to join the Passport network. Interested users can participate in the sweepstake to win highly acclaimed NFTs like Bored Ape Yacht Club Mutant NFTs. The NFT sweepstake will run for eight weeks, presenting one winner weekly.
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Source: https://insidebitcoins.com/news/quadrata-integrates-ethereum-network-to-level-up-its-passport-mainnet