Electroneum’s price performance has shown some level of consistency last month. The coin surged from $0.005373 to $0.026991 in just under two weeks. Also, the daily trade volume peaked at $12 million and the price hovered around the $0.02 price range which is impressive.
However, the price of Electroneum ETN is presently selling for $0.016061 which is a 14 percent 24-hour drop and a 36 percent 14-day price slump. In addition, its current price indicates that ETN has dropped by 91.4 percent since it hit the peak price of $0.207854 in January.
Electroneum’s bull run took a breather around the time the team announced that it is incorporating KYC verification. The announcement was met with mixed reactions as some in the Electroneum community openly expressed their skepticism. However, the team argued that adoption works hand-in-hand with regulatory compliance. The team added that starting from November 12, the KYC registration will be mandatory.
Electronium Adopts KYC Verification
The Electroneum development team announced that the Electroneum network has adopted the Know Your Customer KYC registration process. According to the team, the move will help the network secure corporate partnerships. The team wrote:
“We’ve been talking to a number of these businesses for a year. Every single one of them wants us to have KYC in place. The message we’ve been getting from the corporate world has been very clear: no KYC, no partnership.”
As such, the team has added a KYC authentication system to its online wallet and users will henceforth access a three-level verification system. To make this a success, each level of the verification process increases the amount of ETN the wallet can send. Further, the team revealed that all Electroneum wallets will need to pass the level 1 KYC.
Electronium Partners With Yoti
Electroneum has partnered with a third party digital identity platform, Yoti. The development team claims that the partnership will establish the efficacy of the verification process.
“Partnering with them will allow those users who need to provide a more detailed level of KYC to meet our requirements in a way that is fast, simple and robust, and I’m delighted we’ve found a partner that shares our desire to shake up the FinTech world without cutting corners or compromising security.”
Wallets that are only able to scale the Level 1 KYC are limited to send 150€ a month. This level requires users to provide their names and their geographical location. On the other hand, Level 2 verification allows users to send up to 10,000€. And it requires users to update their bank statement and utility bills as well as sign up on Yoti. Users that pass level 3 KYC will have unlimited spending power. However, to pass this stage, users have to include their addresses on all documentation.