Explaining Kaizen’s Demanding HyperID KYC Process

Kaizen.Finance was developed with an intention to give all crypto enthusiasts the technology to make the process of creating, managing and launching your token as intuitive and straightforward as possible.

In order for the vision of a robust, secure, and easy-to-use platform to come to life many innovative decisions were developed and implemented. Most of them are hidden behind the scenes, but some become part of user experience.

One of them is Kaizen’s demanding take on the KYC process.

What Is KYC And Why Do We Need It?

KYC (short for Know Your Customer) is a process that is used to verify a customer’s identity.

While this practice seems to contradict the anonymity tenets of the crypto world, the reality is that in order to comply with legal regulations of the fiat world this approach will eventually proliferate across the entire Web3 space.

The KYC process ensures that a client is who they say they are and filters out shady, malicious and unwanted parties from undermining the offering, ensuring project security as well as safety of other participants.

Apart from this, due to the ever increasing number of attempts to regulate the world of crypto, new projects now have the responsibility to make sure that local regulations of many different countries are complied with. These laws and rules differ greatly and are constantly a subject to change.

If Kaizen is looking to provide quality experience, protect partner projects, and secure buyer funds, Kaizen.Finance has to be ready to meet the requirements as the need arises.

This creates the need to know where the buyers are from.

Which is why Kaizen’s HyperID KYC process requires not just any valid ID, but also face verification, document verification, and proof of address.

This process is much more involved than many people are used to. And being thorough takes time, which means sometimes KYC processing may take up to 3 days.

Who Benefits from KYC?

Users
If you pass the KYC you become a part of a professional community. You know, we know, and, most importantly, projects coming to Kaizen know that this community consists exclusively of respectable traders.

You no longer have to worry whether you are legally eligible for an offering or not. You neither have to be concerned about the project’s legality as that is always taken care of. As an added benefit, you have the confidence that fellow members are respectable traders. And the best part of it all, you only have to pass KYC once and then easily apply for future offerings.

Projects
Projects are relieved from the burden of micromanaging whitelist applicants to ensure that only people that are legally allowed to take part in the sale are let in. They can rest assured that their product is secure from potential reputation damage and financial repercussions caused by the investigation by regulating authorities (such as SEC).

Kaizen platform
Kaizen is building a platform that is safe from impostors and people who are legally banned from taking part in crypto trade ensuring complete legal compliance. Kaizen’s high standards serve as a proof of dedication to being a respectful and law-abiding player in the market.

To use a simple analogy, you can think of Kaizen’s HyperID KYC process as an effort investment — it requires a lot of upfront work on both ends, but after it is done, there is nothing but good things ahead for all of us.