Hi’s Strategic Partnership with Animoca Brands and Innovative KYC Approach to Bolster Security on Its Layer 2 Network

Hi’s Strategic Partnership with Animoca Brands and Innovative KYC Approach to Bolster Security on Its Layer 2 Network

In its pursuit of enhanced user security, hi, the Web3 payments application and protocol, is preparing to deploy a pioneering Proof of Human Identity (POHI) solution to safeguard its layer 2 network from illicit bot activities during Know Your Customer (KYC) verification.

The metaverse gaming and venture capital giant, Animoca Brands, has recently invested a substantial $30 million into hi, further solidifying the Web3 payments platform’s position in the market. This strategic investment has also led to a significant partnership between hi and Animoca Brands, aimed at fostering utility for non-fungible tokens (NFTs) across both hi’s portfolio companies and the broader Web3 ecosystem.

The collaboration announcement highlights the formation of a seamless integration between Animoca Brands‘ extensive network and the services offered by hi, anchored by hi’s innovative Web3 financial “super app” and its layer 2 Ethereum sidechain, the hi Protocol.

Co-founder Sean Rach, in an interview with CoinDesk, described hi as a digital-only neobank that enables users to transact in cryptocurrencies and fiat currencies alike. Notably, hi’s prior partnership with Mastercard allowed them to issue custom debit cards adorned with NFT imagery, furthering their position at the cutting edge of innovative financial solutions.

With ambitious plans for growth, the recently acquired funding will be instrumental in scaling hi’s application. Additionally, hi is actively preparing for the mainnet launch of its Ethereum Virtual Machine (EVM) compatible hi Protocol. As the utility of cryptocurrencies continues to expand, hi intends to leverage Animoca Brands’ vast network to seamlessly integrate its payment infrastructure into its portfolio companies and throughout the wider ecosystem.

Rach emphasized the tremendous potential this partnership offers, as Animoca Brands’ partner and ecosystem companies boast access to millions of users. This, in turn, presents a unique opportunity for hi to provide its services to a more extensive user base. In return, Animoca Brands benefits from utility for its tokens, increasing their spendability and overall value.

While a significant portion of hi’s current user base resides in Europe, they have ambitious plans to expand into Asia, Latin America, and eventually the United States, subject to regulatory clarity.

In contrast to some existing protocols that may inadvertently allow bots to register addresses and engage in trading activities, hi is diligently working on integrating a Proof of Human Identity (POHI) mechanism into its KYC process. Unlike traditional methods involving biometrics, this innovative approach ensures that each address on their platform is uniquely linked to a verified human user, effectively mitigating the risk of bot-driven activities.

Sean Rach expressed that success in the blockchain space is often measured by the number of active accounts. However, he acknowledged the prevalence of scripts and automated processes that artificially inflate these numbers on other platforms like Ethereum. By introducing a distinct tier of addresses with POHI validation, hi aims to bolster the authenticity and integrity of its user base.

Presently, hi boasts an impressive user count of 3.5 million, with one million already KYC’d. The implementation of POHI is projected to drive further growth as it reassures users of a secure and trustworthy environment.

In conclusion, hi’s strategic partnership with Animoca Brands marks a significant milestone for the platform’s growth and development within the Web3 landscape. The adoption of POHI in their KYC process showcases hi’s unwavering commitment to ensuring a bot-free, secure, and user-friendly experience, appealing to both existing and prospective users as they expand their presence globally.