- Wallet owners will be able to verify certain identity characteristics, such as age or jurisdiction, without actually having to disclose personal information or deal with complicated identity handovers thanks to the integration.
- The incorporation comes at a time when there is growing concern about government-enforced digital IDs and centralized data collection.
More than 75 million wallets worldwide will now be able to take advantage of age-verified payments thanks to the collaboration between Bitcoin.com and the PayFi-focused Layer-1 blockchain Concordia. Bitcoin.com has opened the door to a new era of compliant and verified access to cryptocurrency payments by incorporating Concordium’s ‘1-Click Verify & Pay’ technology into its widely used wallet application.
Wallet owners will be able to verify certain identity characteristics, such as age or jurisdiction, without actually having to disclose personal information or deal with complex identity handovers thanks to the integration, which is currently in development and is scheduled to be deployed in the near future. It is true that verification occurs off-chain via reputable and unbiased third-party sources; however, the blockchain does not store any personal information throughout this process. There is a ZKP (zero-knowledge proof) technology used to protect every transaction. This technology guarantees perfect anonymity while meeting strict regulatory standards.
“At Bitcoin.com, our focus has always been to empower people to take control of their finances through self-care,” said Corbin Fraser, CEO of Bitcoin.com. “As the regulatory landscape evolves, partnerships like this with Concordium help bridge the gap between privacy and compliance. By enabling age-verified payments that preserve user anonymity, we support a mature crypto industry – one where individuals retain sovereignty over their data while giving regulators the confidence they need for Bitcoin and crypto to achieve global adoption.”
Fraser’s comments were echoed by Concordium CEO Boris Bohrer-Bilowitzki, who said: “Partnering with Bitcoin.com brings our vision to life: secure, verified, reliable and low-cost payments that work for everyone, from individuals to institutions. By combining anonymous verification and payment in one easy step, we reduce both smart merchants and new users and enable both smart and new users worldwide.”
The incorporation comes at a time when there is growing concern about government-enforced digital IDs and centralized data collection. Users can prove their eligibility without having to reveal their identity with Concordium’s “1-Click Verify & Pay”, which provides an option that is streamlined, decentralized and prioritizes private information. Sellers will now be able to verify access and accept stablecoin payments for age-restricted items and services such as alcohol, gambling or adult material. This will have the effect of ensuring that legal compliance is maintained without incurring the expense of sophisticated installation or ongoing infrastructure. For the very first time, blockchain technology offers a payment rail suitable for scaling up e-commerce.
A significant need uncovered by the widespread adoption of new security legislation, particularly in the UK, France and many US states, has been filled by the introduction of age-verified cryptocurrency payments. According to a UK government report, an additional five million age checks are carried out every day as a result of the implementation of the Online Safety Act, which allows users from the UK to access websites restricted to users of a certain age. While the stablecoin market has passed $308 billion, 99% of stablecoin transactions remain locked within crypto trading ecosystems. As a result, stablecoins have not been able to break out as mainstream payment solutions due to a lack of verification. This is also the case in the area of payments.
Bitcoin.com and Concordium expect that their alliance will not only make it easier for consumers to use stablecoins, but it will also secure users’ privacy while doing business online, which will help alleviate concerns about government-led digital surveillance.
Concordium is a scalable Layer-1 blockchain that provides a unique identity layer at the protocol level. This layer ensures that user interactions are authenticated and confidential, and it is enabled using zero-knowledge secure technology.
The research-backed chain enabled Smart Money with protocol-level programmable tokens, advanced PayFi features such as time releases and compliance checks, and secure ID-based geofencing for cross-border transactions. As a result, it is the blockchain for enterprise-ready stablecoins that is looking for real-world adoption while complying with new regulations. The chain was established in 2018.
Bitcoin.com has been a world leader in exposing newbies to cryptocurrency ever since it was founded in 2015. With easy-to-access instructional resources, news that’s both fresh and unbiased, and self-care products that are easy to use, Bitcoin.com makes it easy for anyone to buy, spend, trade, invest, earn, and keep up with the cryptocurrency.
