Swarm Markets and Yoti make crypto more accessible
Swarm Markets has announced it will make crypto vouchers available to purchase for all verified users of the Yoti digital ID app, in order to provide a gateway to secure and regulated decentralised finance (DeFi).
DeFi uses blockchain technology to transfer value using smart code instead of relying on intermediaries typical to traditional markets, the company states.
Using Yoti and its partner's free app, Post Office EasyID, to verify their identity, people can then purchase the vouchers from the Swarm Markets platform.
The Yoti app and Post Office EasyID is designed to give people a safe, convenient way to prove their age and identity. Individuals can add their ID document and facial biometrics in a few minutes and have a verified, reusable digital ID that protects their details.
This is designed to make it simpler and safer to share sensitive personal details online and in person, at Post Office branches, stores and more.
With the addition of Swarm Markets, customers can now use their bank account, Visa or Mastercard to purchase crypto assets, the company states.
On Swarm Markets users can redeem their vouchers and take advantage of DeFi features such as trading and yield farming, according to the company.
Yield farming is where crypto owners put their assets into a liquidity pool on a decentralised exchange and can receive additional crypto as a result. On Swarm Markets, customers are rewarded in the platform's payment token, SMT.
Regulated by BaFin, each customer on Swarm Markets must undergo know-your-customer (KYC) and anti-money laundering (AML) checks, using Yoti's digital identification software, in order to be verified to use the DeFi platform.
Swarm Markets co-founder Philipp Pieper says, “Until now, people have been locked out of DeFi because there hasn't been a secure, trusted and regulated platform for them to use.
"By making it easy and safe to buy real bitcoin and ethereum, more people now have the option to get started in crypto and enjoy the benefits of DeFi - and not just those who understand crypto jargon.
"Long gone are the days when you could put your money into a savings account and see its value grow because interest rates are so low right now. People are looking for safe ways to make their money work for them and blockchain products like yield farming can earn them double digit returns.
Yoti CEO Robin Tombs says, “We're delighted to be partnering with Swarm Markets to help our network of users access regulated DeFi. Yoti is a Global identity platform that verifies people from over 195 countries.
"This creates opportunities for businesses to operate at scale with reduced admin, cost and risk when it comes to knowing their customers are genuine. This helps businesses meet their regulatory requirements while making life easier and safer for customers.