Europe uses Iota’s web3 ID solution in KYC processing

Europe took a big step in its mission to streamline its Know Your Customer (KYC) processes by selecting Iota’s Web3 Identification solution. On June 13, the European Commission announced the participants for the second cohort of the European Blockchain Sandbox initiative (EBSI).

Also read: What hope is there left for Europe’s economy?

Among the chosen few is Iota, the popular open-source distributed ledger and cryptocurrency ecosystem. The goal is to enhance security and efficiency in KYC processes, ensuring higher transparency and trust in cross-border transactions. With Iota’s technology, Europe hopes to set a new standard in digital identity verification.

Brickken’s digital asset platform could revolutionize asset management in Europe

Brickken has made significant headway with its Digital Asset Platform, which allows the tokenization of Real-World Assets (RWAs). The Commission chose the platform alongside Iota because of its use cases, which include financial instruments like debt, equity shares, and revenue streams. The platform enables entities to obtain investments and manage investor relations more effectively.

By converting RWAs into digital tokens, Brickken ensures a secure and transparent ledger. This makes it easier for companies to attract investments and maintain investor trust. Brickken’s platform is designed to be flexible, adhering to various legislative standards and adapting to future regulatory requirements.

“Brickken’s technology streamlines processes like reconciliation, settlements, and distribution of earnings through smart contracts, offering a plug-and-play solution that requires no technical expertise from users,” said a company spokesperson.

REX brings innovation to real estate investment

According to the report, RealEstate.Exchange (REX)—another chosen project—is transforming how real estate assets are bought, sold, and invested by using distributed ledger technology (DLT). By tokenizing real estate assets, REX provides a secure, transparent, and efficient marketplace for all investors.

REX allows companies to raise capital by issuing real estate tokens that can be traded on a secondary market. Unlike traditional exchanges, REX uses an Automated Market Maker (AMM) system to facilitate trading through liquidity pools, eliminating the need for direct buyer-seller matching.

Also read: Why does Europe hate Bitcoin so much?

Participants in REX undergo strict KYC/KYB procedures to ensure a secure trading environment. The platform also enables fractional ownership, offering an easier path to entering the real estate market. These services align with the EU’s goals of economic inclusivity.

According to the Commission, which claimed to be citing an industry expert, “REX’s DLT-based records provide enhanced transparency, helping to combat money laundering and terrorist financing. This operational efficiency significantly reduces the time and cost involved in trading, clearing, and settlement processes.”

In the pilot project, digital identity experts from 12 EU member states are exploring how digital wallets, national business registries, and legal entity verification systems can work together.

Cryptopolitan reporting by Jai Hamid