We’re thrilled to launch Bloom OnRamp, a new enterprise product that unlocks the full potential of DeFi, establishing a key piece of the infrastructure that will help the DeFi sector achieve compliance and, in turn, attain truly global and mainstream status.
Defi has experienced massive growth over the past year, topping both 1 million users and $100 billion in value for the first time. But this growth brings with it unforeseen challenges and limitations. Over the past month, regulators have warned that a new wave of regulations was imminent as few DeFi companies have achieved compliance with KYC/AML and other applicable rules.
With the threat of regulations on the horizon, there is an opportunity in the DeFi space for projects to address compliance, risk assessment, and privacy in a new and more secure way
With OnRamp, enterprises can securely access reusable, verifiable credentials (VCs), all without requiring users to expose sensitive data.
For enterprises seeking KYC & AML compliance, OnRamp offers ID verification, sanction screening and PEP Screening. Other identity credentials include phone number, email as well as social accounts like Facebook, Google, Linkedin and Twitter.
For enterprises seeking alternative data and better risk assessment, OnRamp offers secure access to bank account activity, balances and other financial signals. Future plans include the integration of traditional credit scores, utility bill payment history, and other alternative signals that could be helpful in determining creditworthiness.
Beyond OnRamp’s direct data integrations, the platform also supports the ability for third party credentials to enter the OnRamp platform via the WACI specification. This feature can enable unique localized use cases where financial infrastructure isn’t supporting local populations.
“We are excited to give enterprises the ability to leverage verifiable credentials for identity verification and risk assessment, all while respecting user privacy and mitigating the risk of data leaks” said Jace Hensley, Head of Platform at Bloom. “But what we are even more excited about is what our WACI integration enables. Now third party data sources around the world can enter the platform, giving the opportunity for people outside of the standard financial system to prove reliability and creditworthiness. This is a major step for DeFi to go global and truly expand financial inclusivity.”
Bloom’s OnRamp will be a key piece of infrastructure for DeFi companies, whether they are in launch or growth mode. The developer-friendly application includes no integration fees, no monthly minimums, no long term contracts, and flexible pricing. OnRamp reduces the barrier to entry for new builders, allows growing companies to expand, and most importantly, opens the door a bit wider for those who deserve access to the decentralized finance markets.
Learn how Bloom is helping DeFi with compliance and growing beyond collateralized lending, all while prioritizing user privacy.