The Sandbox meta-universe project has announced the introduction of Know Your Customer (KYC) verification for the steak service. This is stated in a statement from the platform.
Now only users with a verified identity will be able to contribute native tokens to the SAND platform, as well as claim staking rewards. However, users without KYC will only be able to withdraw their tokens, without making deposits.
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“To improve user safety and compliance, we have implemented KYC verification for our steaking process. Our goal is to make sure that our users’ accounts are verified before they can participate in steaking or earn income,” the post notes.
And that’s what we’re doing.
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According to Messari’s latest data, users have now contributed about 123 million SAND, or 6.7% of the total token supply, to steaking.
The virtual real estate market has collapsed
In May, it was reported that metaview platforms Decentaland and The Sandbox were in crisis due to falling cryptocurrency valuations and lack of interest among investors. Real estate prices have collapsed by 90% in a year.
According to Nicholas Viriki, a partner at Bitkraft Ventures.
Nicholas Wiriki, a partner at venture capital firm Bitkraft Ventures, believes speculators are to blame for the crash. In his view, they are the ones who flooded virtual spaces with money in anticipation of a quick return on investment.
Which companies have introduced mandatory verification
The cryptocurrency exchange had earlier introduced mandatory KYC to comply with anti-money laundering (AML) regulations. All existing KuCoin users from July 15, 2023 had to undergo mandatory verification. Without KYC, they will not be able to access some of the cryptocurrency platform’s products and services.
The exchange explained that KuCoin has always paid attention to the safety of users’ assets. However, the development of the crypto industry has created certain security concerns.
In addition to KuCoin, cryptocurrency exchange Bybit has also introduced mandatory verification.. Appropriate measures have been introduced to assess risks, verify compliance with established platform rules and prevent and detect illegal activities.
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