Why DIRO technology is essential for crypto-currencies to go mainstream?

Core issue with crypto / stable-coins

The biggest unsolved issue with crypto is

  1. its abuse as facilitator of ransomeware / extortion — causing continuous tightening of regulations.

Due to the irreversible nature of crypto-currencies together with pseudo-anonymous traceability of dirty money, banks face unlimited risk in serving as on-ramps or off-ramps to crypto.

US-banking grade KYC at a global level is not possible with current technology

  1. Identity document can be tampered or stolen — any document can be photoshopped. There is no global database of “photos/biometric” and therefore it is possible to create fake/stolen identities easily.

Current Gold standard for digital on-boarding is bank verification by linking your account or verifying test-deposits of few cents in your bank but it only works domestically.

  • The issue is that this kind of linking of accounts is not possible internationally over a swift network.

In current scenario— Banks in most countries like switzerland, singapore, UK etc require physical visits or otherwise extremely cumbersome Notary / appostille of documents to even open non-crypto accounts.

DIRO is a fundamental new technology

that eliminates these bottlenecks not just for crypto-currencies but horizontally for many traditional industries.

  1. Makes Global impersonation check possible — it is the first breakthrough technology that not only turns each and every institutional / government/ corporate website into an identity authenticator. This new technology extends the Gold standard (like Plaid) for US-banking grade identity verification at a global scale.

Privacy and data protection — The documents produced by DIRO are not only reportable and audit-able by third-parties and regulators but also provide decentralised verification on blockchain (without the typical “phone-home privacy problem”). The access to global private data behind login and passwords are accessed by the USER under is GDPR right to access his own data while automatically providing consent for verification to proceed.

Founder & CEO— Diro Labs