Sydney, Australia, 3rd June, 2022, Chainwire
In order to benefit the whole crypto community, a new decentralized initiative called STACKD Finance has recently entered the market. The initiative aims to provide a comprehensive set of security services to people and projects.
Advanced Verification Services (AVS) is STACKD Finance’s first utility. The tool aims to replace the present industry norm of KYC processes. The team believes KYC procedures cannot apply to large crypto project owners. For this reason, STACKD Finance wishes to introduce a new standard in the business.
How does AVS work
Know your customer (KYC) is the industry standard for verifying an individual’s identification. According to the project’s team, a person conducting a multi-million dollar project should not rely on this verification level. The team explained that KYC has the mere goal of verifying the identification of consumers of financial institutions.
STACKD Finance introduces an entirely new standard of verification through AVS. First and foremost, AVS utilizes the most advanced identity document verification and biometric analysis technologies available. AVS performs extra checks to confirm that the persons named on the identification document are who they say they are.
Afterward, the system carries out criminal and financial background checks on the project leaders. This procedure ensures that investors have a clear picture of whom they’re dealing with.
STACKD Finance isn’t satisfied with only verifying the persons behind the initiative, but also the project itself.
STACKD Finance is betting on two pillars:
- Accountability – In the worst-case scenario, a project reviewed by AVS may perform a scam or rug pull on its investors. STACKD Finance will co-operate with the legal and investigative authorities in this case. The clause is part of the AVS terms and conditions, and every team acknowledges this rule before the review.
- Prevention – An individual who has gone through AVS verification is significantly less likely to commit fraud, as STACKD Finance explained. Consequently, more investors will be eager to participate in the project due to their increased trust in the idea.
With the help of blockchain investigative businesses, AVS aims to bolster its reaction capabilities in the event of fraudulent activity.
After a successful review, STACKD Finance AVS will grant the project a Certificate of Verification. This certificate shows that the project/individual has undergone the rigorous AVS verification procedure.
AVS levels of verification
AVS STACKD Finance’s initial verification tiers will consist of three levels.
- AVS Standard – This will be the new criteria for verifying a person’s identification. AVS Standard includes identification verification and biometrics examination. Moreover, the plan features an assessment of the presence on social media and verification of mobile phones or email addresses.
- AVS Gold – This offer is appropriate for those in charge of leading a project team. The Gold tier ensures that a person is a legitimate business owner and that he/she is fit for the role. The procedure includes additional checks for criminal and financial records and the regular AVS process.
- AVS Project – This is an all-inclusive verification method that includes limitless AVS Standard for everyone on the team. Furthermore, the offer provides AVS gold for anybody with access to the project funds. AVS Project also looks at the business plan, finance, smart contract creation, and project audit. AVS Gold wishes to make sure the team has a comprehensive plan for their project. To pass this verification level, teams must have a solid understanding of the crypto industry, business, and operations. This degree of verification is not easy to obtain, as STACKD Finance explained.
About STACKD Finance
STACKD Finance’s mission is to raise the standard for decentralized financing. The project wants to provide investors with a sense of security in the market by offering many innovative services.
By establishing a new standard in DeFi, STACKD Finance has a clear mission. The team wants to help the industry move toward a safer system before the legal regulations hit the market.
- Sebastian Waddell