A subsidiary of Canadian GreenBank Capital Inc., GreenCoinX Inc. has announced that it has upgraded its cryptocurrency identification to full “Know Your Client” standards. GreenCoinX is taking a vastly different approach to privacy than other cryptocurrencies such as bitcoin, and seems to be the polar opposite of companies such as Samourai Wallet. All GreenCoinX users will now meet the same identification standards as the banking community and will be required to be identified before usage.
CEO Danny Wettreich stated: “The promise of crypto currency was always the fast and inexpensive transfer of funds worldwide, while bypassing the banking system. Until now this has been impeded by identity concerns. Now GreenCoinX has made this promise a reality by its KYC capability. In sharp contrast to bitcoin and all other cryptocurrencies, the new KYC standard of GreenCoinX alleviates the concerns of both governments and users that crooks and terrorists can use cryptocurrency to hide their activities. All GreenCoinX users have to be fully identified before usage, so bad actors will not use GreenCoinX ”
GreenCoinX intends to launch its ecosystem shortly, which encompasses an identifiable cryptocurrency, a free online wallet, and a free online crypto currency exchange. In addition to this, GreenCoinX has said it has addressed currency stability via a treasury function, and blockchain longevity by way of the non-profit Digital Foundation which ensures miner rewards over the next 145 years.
In order to use GreenCoinX an online wallet has to be opened, before users complete an initial online KYC verification process which takes a few minutes. KYC verification is processed by KYCGlobal.net which is the exclusive KYC portal for GreenCoinX, with uploaded copies of a passport and other identification documents being used for approval. After this, users will receive a unique KYC identification number which is used to complete the wallet opening procedure. The same KYC verification process is completed with the GreenCoinX mobile wallet for Android devices, and the GreenCoinX technical wallet which is used by miners and retailers.
The Isle of Man government has become the first in the world to welcome GreenCoinX. The Minister for Economic Development said: “GreenCoinX has the potential to make a significant difference in the digital currency arena”.