The Sandbox has implemented KYC for staking
Date: 2023-08-05 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
The Sandbox metaverse project announced the implementation of Know Your Customer (KYC) verification for the staking service. This is stated in the message of the platform.
Now only users with verified identity will be able to deposit native SAND platform tokens, as well as claim staking rewards. However, users without KYC will only be able to withdraw their tokens, without making deposits.
“To improve user security and compliance, we have implemented KYC verification for our staking process. Our goal is to ensure that our users' accounts are verified before they can participate in staking or earn income.
According to the latest data from Messari, users have now staked about 123 million SAND, or 6.7% of the total supply of tokens.
The virtual real estate market collapsed
In May, it became known about the crisis of the Decentaland and The Sandbox metauniverse platforms due to the fall in cryptocurrency quotes and the lack of interest among investors. Real estate prices have fallen by 90% in a year.
According to Nicholas Viriki, a partner at Bitkraft Ventures, the speculators are to blame. In his opinion, it was they who flooded virtual spaces with money in anticipation of a quick return on investment.
Which companies have introduced mandatory verification
Previously, the cryptocurrency exchange introduced mandatory KYC to comply with anti-money laundering (AML) regulations. Mandatory verification was required for all existing KuCoin users starting July 15, 2023. Without KYC, they will not be able to access some products and services of the crypto platform.
As the representatives of the exchange explained, KuCoin has always paid attention to the safety of users' assets. However, the development of the crypto industry has created certain security problems.
In addition to KuCoin, the Bybit cryptocurrency exchange has also introduced mandatory verification. Appropriate measures were presented to assess risks, verify compliance with the platform's established rules, and prevent and detect illegal activities.
