Too Long; Didn't Read
“Know Your Customer,” or ‘KYC,’ is derived from corporate-speak found in typical financial regulations that can hit a nerve in the crypto and wider blockchain ecosystem.
While cryptocurrencies are taking a much more mainstream role in finance -- with companies like Visa opening crypto positions -- many early adopters are rigorously private people who want an alternative to centralized data collection systems.
But as the debates continue in the crypto space, the real issue that the average user faces is online risk — fraud, account takeover attacks (ATOs), stolen credentials, and stolen identities.
The Poly Network incident, for instance, resulted in the theft of $600 million in crypto assets. Even Coinbase, one of the oldest players in this space, has had at least one hack resulting in the theft of assets from thousands of customers.
People cannot wait for a civil debate to finish.