The Authenticating API excels in performing online verification services and allows users to fulfill KYC/AML requirements in a variety of ways, such as scanning a passport or uploading documents. The API will output a Y or N depending on the verification of ID, which can then be stored within the smart contract without exposing any personal information.

Although investors often view AML/KYC requirements as somewhat tedious, they ultimately help fortify cryptocurrency’s legitimacy. Inclusion of AML/KYC data within onboarding activities is also somewhat controversial with crypto-natives, but right now its importance at the intersection of Web2 & Web3, particularly as regulators look at institutional use of digital assets, is only growing.

The transparent & scaleable first-party architecture of API3’s Web3 gateway provided an efficient solution for making the Authentication API accessible for smart-contracts. There was also recognition that as Airnode serves on-chain API requests directly from their cloud infrastructure to a smart contract, private information is not exposed to independent third party node operators. This ultimately provides a more secure and GDPR compliant oracle solution for Digital Identity tools.

“As the decentralized financial services industry continues to grow, the incorporation of AML & KYC tooling is becoming increasingly requested by DeFi applications or Digital Identity tools. Within the API3 Alliance there is a raft of Digital Identity APIs and we are thrilled to see Authenticating.com deploy as a Web3 API”

– Ben Carvill, Growth & Ecosystem, API3

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About API3

API3 is the leading first-party oracle solution that makes real-world data accessible by smart contracts. With Airnode, API data can be queried from blockchains without having to use specialist node-operating middlemen. This architecture both eliminates the Sybil-vulnerable third-party node layer and reduces fees by cutting out the “middleman tax” paid to these node operators for their services. API3 is the perfect fit for any blockchain-based data service seeking to sell directly to consumers (since it leaves out node-operating middlemen).

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About Authenticating.com

Authenticating.com provides Authenticating as a Service for peer-to-peer exchanges, two-sided marketplaces, online communities, and other apps, websites, and service providers worldwide. Through the Authenticating.com API, blockchain users can instantly verify that they have met AML/KYC compliance requirements. This capability facilitates the onboarding process for new investors as it eliminates the substantial waiting period associated with KYC compliance verification. The Authenticating.com SDK supports iOS, Android and web-based integrations. As seen originally on API3's blog.