ARGOS ID, a digital ID for Web 3.0, is providing the world’s first Travel Rule solution making unhosted wallets compliant.
ARGOS ID provides full coverage for verifying unhosted wallets, a challenging process for virtual asset service providers (VASPs).
This new service helps users and VASPs comply with Financial Action Task Force (FATF) guidelines that entail verifying the originator and beneficiary information on virtual asset transactions. ARGOS ID seeks to simplify the hassles that come within compliance with the Travel Rule, especially for personal crypto wallets.
The ARGOS ID team explains:
“We help VASPs fully comply with Travel Rules through digital ID and personal wallet signatures. This increases the transparency of the Web 3 industries and supports convergence with financial institutions.”
ARGOS ID features an instant and seamless onboarding process. It also offers its users maximum efficiency at a minimum cost, saving on cost and manpower.
ARGOS ID has numerous benefits for VASPs. First, ARGOS ID makes it easy to connect to unhosted wallets. The ID allows crypto wallet holders to easily verify the information of their multiple crypto wallets, such as Phantom, MetaMask, WalletConnect, and more, to both the originator and the beneficiary. Users must create an ARGOS ID with a one-time identity verification process (KYC).
ARGOS ID is a self-sovereign digital ID that provides an ideal Web3 environment where users can manage information. An ARGOS ID user can decide which information to delete or revise after completing the crypto wallet verification process. Such information includes submitted photos, SNS login, and verified crypto wallet.
Another advantage is that ARGOS ID simplifies the procedure for verifying multiple personal wallets. ARGOS ID allows years to connect multiple crypto wallets with a one-time KYC. ARGOS ID currently supports five blockchain networks: Solana, Binance Smart Chain, Ethereum, Polygon, and Klaytn. However, the team behind the project plans to add more in the coming days.
Lastly, ARGOS ID makes virtual asset transactions available to third parties. This allows ARGOS ID users to send virtual assets to non-VASP customers. This is because ARGOS ID allows verification of both VASP customers and non-customers.