ARGOS ID: Un-Hosted Wallet Solution
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An editor at Coincrop
14 Nov 2022 | 3 min read
ntroducing ARGOS ID, the world's first Travel Rule solution for crypto wallets. The service offers full coverage on verifying unhosted wallets, which virtual asset service providers (VASPs) find challenging in the current stage.
According to FATF (Financial Action Task Force) guidance, wallets that are not hosted now require knowing the identities of crypto wallet holders. To comply with FATF's guidance about unhosted wallets, jurisdictions have started taking supervisory action against local VASPs.
Jurisdictions seeking a simpler Travel Rule solution for personal crypto wallets can find key benefits in utilizing ARGOS ID. Some of the advantages that VASPs gain from using ARGOS ID include:
• Easy connection to unhosted wallets
• Digital ID suitable for Web 3 environment
• Simplified procedure for verifying multiple personal wallets
ARGOS ID not only allows virtual asset transactions with a VASP, but also provides the ability to send virtual assets to non-VASP customers. For instance, if a VASP customer wants to transfer virtual assets to a third party who is not signed up as a VASPs member, ARGOS ID can be used for that transaction. In addition, both current and non-customers of VAST can take advantage of crypto wallet verification through ARGOS ID.
ARGOS created their business with the intent of providing a streamlined KYC process. With Web 3's emergence and the rise in popularity of cryptocurrencies, ARGOS has expanded its horizons into creating ARGOS ID. The sole purpose of ARGOS ID is to provide a travel rule solution for unhosted wallets--in other words, make them compliant.
JonathanAn editor at Coincrop
Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.
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