Crypto trading and cryptocurrencies are becoming increasingly mainstream, yet they continue to face two fundamental challenges: usability and trust in identity.
To tackle these challenges, ID Crypt Global, a digital identity and security company, partnered with cheqd, the payment and trust infrastructure for identity and credential, to together equip Apex Digital Exchange (ADEX) with market-leading identity and security capabilities while paving the way for more traditional financial service providers to explore decentralised finance (DeFi).
Identity & Security
This collaboration enhances ADEX’s platform with trusted identity verification and reputation, strengthening security and boosting customer confidence. cheqd’s decentralised identity infrastructure plays the role of empowering individuals and organisations to own, control, and verify digital identities independently. Meanwhile, ID Crypt Global has pioneered digital identity solutions that protect user privacy, streamline KYC, AML, and FinCrime compliance.
cheqd infrastructures integrate seamlessly with ADEX’s platform to enable SSI-based onboarding, privacy-preserving identity verification, and ongoing KYC and AML checks, all in a way that aligns with user control. By eliminating intermediaries in identity verification, cheqd and ID Crypt Global support a smoother, lower-cost user experience for ADEX customers while ensuring the high level of trust needed for compliance in DeFi.
In addition to this secure identity layer, cheqd’s innovative payment model offers support for new, cost-effective ways to monetise verifiable credentials. Through our ecosystem, ADEX can provide verified users with lower cost trading and fiat on or off ramps, adding value for users by directly linking verifiable identities to transaction affordability. This novel approach incentivises compliant behaviour as well as builds a sustainable DeFi platform with reputation-based rewards that can enhance user retention and engagement on ADEX.
Providing Identity and Trust for DeFi
As the digital asset market expands, so do fraud risks. Crypto fraud losses in the US reached $679 million in early 2024according to the Federal Trade Commission, whereas deepfake scams have increased by 3000% in 2024. To counteract this, ADEX’s integration with ID Crypt Global’s KYC and AML solutions, alongside cheqd’s decentralised identity technology, brings users a highly secure and compliant trading environment. This partnership leverages real-time identity verification and privacy-preserving SSI-based onboarding with biometric checks completed in under 30 seconds and automated risk updates every 15 minutes, ADEX ensures a robust, transparent framework that actively deters bad actors and enhances user trust.
Bridging DeFi and Traditional Finance
The trust and security improvements brought by our partnership extend beyond individual users. Traditional financial service providers, who have typically hesitated to engage with the DeFi ecosystem due to security concerns, may now view ADEX as a more viable, compliant, and trustworthy partner. By adopting decentralised identity standards, ADEX can align more closely with the rigorous compliance and anti-fraud measures familiar to traditional finance, potentially fostering new collaborations that bridge DeFi and traditional finance.
About ID Crypt Global
ID Crypt Global (IDC) is an innovative digital identity and security specialist, providing services to both businesses and individuals. IDC follows a Self-Sovereign Identity model for both its identity based solutions and security services, including its Decentralised Public Key Infrastructure (DPKIps) suitable for financial market infrastructure. Similarly, IDCs Authentic Media Protection provides provenance and protection for Intellectual Property (IP), also known as Content Credentials which will be crucial in combating fraud or IP issues with AI.
Privacy and security is at the heart of all of their solutions and services. Identity challenges such as age verification, are all achieved without the need to share personal identifiable information, while delivering total confidence to the verifier.
The IDC Vault mobile application allows individuals to verify their identity and to receive a high quality reusable digital identity credential. The identity credential can be used to create seamless onboarding and authentication experiences for users.
IDC is a firm and longstanding believer in Self-Sovereign Identity, including the need for a community approach to ID verification, and has historically been both a Sovrin Steward and maintained representatives on the Steward Council and Board of Trustees for a number of years. IDC looks forward to joining the cheqd ecosystem.
About ADEX
Apex Digital Exchange (ADEX) is a new decentralised crypto trading exchange that supports multiple chains on which thousands of digital assets are listed and traded. Unlike many decentralised exchanges, ADEX also supports popular assets that are typically associated with centralised exchanges only, assets such as BitCoin.
ADEX aims to democratise the web 3 experience, making it more accessible, easier, safer and inclusive for everyone.
ADEX is set to launch in Q4 2024 and will be rapidly bringing online various features that are set to make crypto trading more accessible, safer and mainstream over the course of the next 24 months.
About cheqd
cheqd is the trust and payment infrastructure to enable the creation of Self-Sovereign identity, eID, digital credential businesses, and ecosystems. By offering privacy-preserving payments for identity transactions, cheqd enables seamless, secure credential exchanges across platforms. The $CHEQ token serves as the foundation of these identity transactions. cheqd supports various credential formats to meet global standards, including frameworks like eIDAS 2.0 in Europe, ensuring digital identities remain secure, verifiable, and interoperable across borders. Get $CHEQ to secure the cheqd network.
