Background

The digital asset industry, particularly the Web3 ecosystem, is rapidly expanding, with an increasing emphasis on regulatory compliance and user security. Decentralized application platforms aim to foster an environment that is both innovative and compliant with global regulatory standards. Gatenox offers a solution to a critical challenge within this space: the need for efficient, compliant, and user-friendly KYC/KYB/KYT and AML verification processes in one place. Gatenox directly addresses this need by providing seamless access to these essential services, thereby enhancing the overall ecosystem’s integrity and user trust.

Problem

KYB processes are convoluted, spanning multiple platforms, involving numerous steps, and demanding a deep understanding of compliance regulations. This cumbersome process can act as a significant barrier, discouraging active participation.

For protocols, addressing this issue is crucial. The platform is dedicated to serving a diverse user base, including developers, investors, and end-users, all of whom seek a frictionless experience. The goal is to embed a comprehensive verification system within protocol’s, one that encompasses KYC (Know Your Customer), KYB (Know Your Business), KYT (Know Your Transaction), and AML (Anti-Money Laundering) processes. This integration aims to streamline the entire verification journey, ensuring it is not only efficient but also maintains the highest standards of user experience and security.

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Working with Polygon Labs
and Polygon Ventures

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Objectives / Goals

The primary goal of this project was to seamlessly integrate Gatenox’s KYC/KYB/KYT and AML services into Polygon’s core business units, thereby:

  • Streamlining the compliance department’s operation by providing a one-stop verification solution
  • Ensuring regulatory compliance for all clients and users that interact with Polygon
  • Strengthening the security and integrity of the protocol by leveraging Gatenox’s comprehensive verification services.

Key Stakeholders

  • Compliance department
  • Legal and counsel department
  • Partnerships and business development department

Desired Outcomes

  • Reduction of multiple vendor licenses to one single solution provider
  • Significantly reduced onboarding times of institutions and retail
  • Customizable solutions for different client types

Key Results

  • Developing a technology stack that integrates all our offerings into a single, comprehensive solution.
  • Direct integration to global registries and partners to prefill 75% onboarding forms.
  • Dedicated onboarding profiles for different clients types (DAOs, VC, vendor, competition).

Success Metrics

Screening and real-time monitoring

Our success was measured by and demonstrated:

  • Cost-saving from having one vendor
  • Reduction in onboarding time and an increase in the number of monthly onboardings
  • Increased customer satisfaction via TNPS scoring
  • Increased ecosystem adoption thus increasing protocol transaction volume

Key Features & Scope

Feature 1
KYC with or without liveness

Description:
A KYC solution to verify the identities of individuals, whether linked to an organization or not.
Use case:
Polygon uses this to screen and verify UBOs, directors, hackathon / competition winners and more.

Additional details:

000

jurisdictions

00000

document types covered

Feature 2
KYB (corporate KYC)

Description:
Onboarding and verification solution that screens businesses using customizable verification workflows, company structure mapping, UBO and director verification and documentation capture and translation

Use case

Polygon uses this to verify businesses they are working with. Upon carrying out onboarding and information capture, our KYB solution verifies and screens businesses across global sanctions lists, PEP, criminal databases and adverse media monitoring

Additional details:

00

average onboarding time

Feature 3
Document Translation and summarization

Description:
An AI feature that scans submitted documentation that then allows for translation and summarization.
Goal:
To reduce the time spent translating documents via third parties.

Use case

Any document submitted by an organization, regardless of the original language, is translated into the desired language. Additionally, these documents can be interacted with to summarize and identify key pieces of information.

Feature 4
Blockchain analytics and transaction monitoring

Description:
A robust blockchain analytics and reporting solution that covers 66 blockchains. Analyze wallet addresses for businesses and individuals to ensure compliance to the highest standard.
Goal:
To provide a blockchain reporting system that can screen business related wallets in a rapid time whilst providing a detailed report of the information obtained regarding the wallet.

Use case

Any document submitted by an organization, regardless of the original language, is translated into the desired language. Additionally, these documents can be interacted with to summarize and identify key pieces of information.

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Working with Near foundation
and Aleph Zero

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Objectives / Goals

The primary goal of this project is to seamlessly integrate Gatenox’s KYC/KYB/KYT and AML services into the NEAR and ALEPH platform, thereby:

  • Enhancing user convenience by providing a one-stop verification solution within the respective ecosystems.
  • Ensuring regulatory compliance for all users and projects on the NEAR and Aleph platforms.
  • Strengthening the security and integrity of the ecosystems by leveraging Gatenox’s comprehensive verification services.

Desired Outcomes

  • A fully integrated Gatenox gateway within the ecosystems.
  • High user adoption rates of the integrated verification services.
  • Positive feedback from the communities regarding the integration’s ease of use and effectiveness.

Key Stakeholders

  • Ecosystem Platform Developers
  • Gatenox Team
  • Ecosystem Users (Individuals and Businesses)
  • Regulatory Compliance Officers

Key Results

  • Initial integration concept and design prototype.
  • Development and testing of the Gatenox-protocol gateway.
  • Full deployment and community feedback collection.

Success Metrics

Success will be measured through:

  • User adoption rates and engagement with the integrated Gatenox services.
  • Reduction in onboarding time for new ecosystem users and projects.
  • Increased compliance rate with KYC and AML standards within the ecosystems.
  • AML solution for the entire ecosystem attracting projects requiring compliance
  • Increased ecosystem’s transaction volume.

Feature 1
Integrated Verification Gateway

Description:
A user-friendly portal within the NEAR and ALEPH platforms that connects users directly to Gatenox’s KYC and AML services.
Goal:
To simplify the verification process for NEAR and ALEPH users, enhancing both compliance and user experience.

Use case

A new project on NEAR or ALEPH requires KYC verification for its users. Instead of directing them to an external site, the project utilizes the integrated Gatenox gateway for seamless verification.

Additional details:

The gateway will support various verification levels, tailored to individual and business users’ needs.

Feature 2
Customizable Verification Workflows

Description:
Flexible verification workflows that can be customized according to specific project or user requirements within both ecosystems.
Goal:
To provide tailored verification solutions that cater to the diverse needs of the two communities.

Use case

A DeFi project requires enhanced due diligence for its high-value accounts. The project configures a custom workflow within the Gatenox integration to address this requirement.

Additional details:

Workflow customization options will include variable verification levels, document requirements, and automated compliance checks.

Feature 3
Community Engagement and Incentivization

Description:
A suite of tools and features designed to encourage the respective communities to engage with and benefit from the Gatenox integration.
Goal:
To build a culture of compliance and security within both ecosystems, rewarding users and projects that adhere to best practices.

Use case

A new project on NEAR or ALEPH requires KYC verification for its users. Instead of directing them to an external site, the project utilizes the integrated Gatenox gateway for seamless verification.

Additional details:

Users who complete their verification through the Gatenox gateway receive NFT badges, which can unlock special privileges or rewards within their ecosystem.

Core UX Flow

The user experience focuses on simplicity and efficiency, enabling users to complete the verification process with minimal steps. The flow includes:

  • Users initiate verification via the Gatenox gateway within the respective platform.
  • Users are guided through the necessary steps, providing information and documents as required.
  • Upon completion, users receive confirmation of their verification status, which is seamlessly integrated into their ecosystem platform activities.

Support Plans

To support users, a dedicated help center will be established, offering resources such as guides, FAQs, and direct support channels. Community forums and feedback mechanisms will also be implemented to gather user insights and address concerns promptly.

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