Ontology (ONT) has inked a memorandum of understanding (MoU) with Shufti Pro. The memorandum brings together one party focused on digital identity. The other party, Shufti Pro, casts itself as a fully automated and customizable KYC/AML service provider.
Ontology – Shufti Pro MoU
Under the terms of the agreement, the two are to work together on the integration of KYC (Know-Your-Customer) and AML (Anti-Money-Laundering) technology. The two will also join forces to provide digital identity services on Ontology’s trust ecosystem.
Ontology and Shufti Pro also plan to provide compliance-ready KYC/AML solutions built on the ONT Blockchain network. The two are also working on improving market accessibility by analyzing new methods that can enhance client on-boarding.
Ontology has since agreed to provide technical expertise for the building up of the blockchain technologies as part of the MoU. The two firms have also agreed to conduct joint public relations and marketing campaigns for products and services on offer.
“… Ontology is pleased to begin this journey with Shufti Pro, combining blockchain technology with identity verification services, providing a blockchain-based end-solution for KYC/AML services,” said Ontology’s Co-Founder, Andy Ji.
Partnering with Shufti Pro does not come as a surprise, given that digital identity is at the core of Ontology operations. The distributed trust network uses ONT ID to support identity verification and authentication for assets and objects.
The framework came into being with the sole aim of making it easy for people to build multi-factor identity portraits. By coming together, Ontology and Shufti Pro underscore their commitment to promoting user-friendly identification tools. The end-game is enhancing user experience based on cutting-edge technologies.
ONT Price Spike
The signing of a MoU for identity verification solution appears to have gone well with Ontology (ONT) token enthusiasts. The news helped shore up the token’s price which has since surpassed the $2 USD barrier level.
The price rallying by more than 8% in two days is a welcome sight for the token’s traders. Though there has been a slight pullback over the past 24 hour period, ONT is still trading significantly higher than monthly lows.
Cryptocurrencies have come under immense pressure to the extent of most of them losing a substantial amount of market value. However, the current market indicator shows that the future looks bright and that ONT could continue powering high.
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