One of the founder of Shapeshift Erik Voorhees, spoke about the inspiration of KYC as well as the money laundering (AML) terms and policies. With with Naomi Brockwell throughout a conversation on YouTube, he has given his view about the guidelines and some tips to the crypto investors related to the digital world.It has come up with tokenized loyalty program which will help the business and the customers in building an asset with the help of engagement.
ShapeShift is known to be the nations most essential crypto exchanges. And it is also famous digital currency exchanges when it is compared to other cryptocurrency exchanges. The firm offers services to its customers without making a new individual account. ShapeShift currency was established by Erik lately. He executed AML and KYC (Know- Your- Customer) policies.Like most people, ShapeShift co-founder Jon wasn’t convinced about Bitcoin the first time he heard about it. In fact, he openly admits to “writing it off.” It wasn’t until a couple of years later, around 2013, “when it went through one of its first meteoric rises,” that the web and mobile app developer started to get hooked.
“I fell down the rabbit hole that we talk about a lot in the industry and it just became my hobby,” he says. A hobby that would lead to one of the most well-known and respected crypto-to-crypto currency exchanges in the industry.
Erik stated that he was very anxious about the rule around cryptocurrencies and the administrative appointment that the U.S. government might have been securer or safer on the Bitcoins. It is only because of the existential danger the blockchain- based asset modeled to the central systems. He thinks that the crypto world still has a considerable way to go. Though block-chain is in its budding state, Erik feels that it has an extraordinary opportunity for improving the whole substructure of the financial world.
He also cleared that there were few issues with the application of this KYC policy. He also stated that this is not an open problem. He stated in regards to this that it is a political method to do leadership shading over all the individuals. He didn’t believe in collecting personal information of the users for the exchange.
About this particular problem, he told that model had been changed long back, due to accounts need and now having KYC users, which is an Orwellian has built to enlist private firms to do the Government investigating for the Govt.“It was a little side project that we threw together really fast. That ended up becoming the prototype of ShapeShift. That quickly subsumed the previous projects and just became everything. At that point, I jumped on it full time instead, saying that I really believe in this and want to be part of it. Things just kind of snowballed since then.”