Cryptobric: The implementation of the customer verification system has been completed.

Greetings, from Cloudbric.

We have completed the introduction of the customer verification system that we shared through Medium content last time.

This is not only to support the smooth use of the wallets provided by Cryptobric even after the Travel Rule is applied, but also to change the method of paying compensation for scan rewards to automated withdrawal of rewards through individual applications when scanning crypto apps.

The customer verification system applied to Cryptobric will be as follows, and only two of these verification methods will be required in order to be able to use Cryptobric’s wallet functionality and automatic compensation withdrawal through individual applications.
> KYC (Know Your Customer) verification / Mobile verification / Email verification
*E-mail verification will be completed when you sign up for Cryptobric.

Please download the latest version(Android: 2.3.1 / iOS: 1.1.1) from the app store (Android/iOS) for smooth use of Crypobric.

> Cloudbric Labs : https://labs.cloudbric.com/cryptobric
> Download Link for the Android Version: https://play.google.com/store/apps/details?id=com.cloudbric.cryptobric
> Download Link for the iOS version: https://apps.apple.com/kr/app/cryptobric/id1582906682?l=en

<What is the Travel Rule?>
The Travel Rule dictates that, in the case of exchanging virtual assets worth 1 million Korean Won or more, VASPs will be required to record and provide the senders’/receivers’ personally identifiable information (PII), and their transaction purposes to the financial authorities. It is a regulation or a kind of obligation imposed on VASPs in order to comply with AML (Anti-Money Laundering).

<Changes after the introduction of the Travel Rule>
After the implementation of the Travel Rule, when trading virtual assets such as Bitcoin or Ethereum, exchange platforms will keep a record of the sender and receiver. To simply put it, it is the same concept as how one can identify who the sender and receiver is for your everyday bank wire transfers.

<Changes to the Method of Compensation for Scan Rewards>
AS-IS)
> Rewards for the entire month’s scan (once every week/maximum of four times a month) are compensated on the 15th (business day) of the following month.
> Compensated to all users at once by Cloudbric

TO-BE)
> Automated withdrawal of rewards through individual applications
※ The details and instructions to apply for automated withdrawals will be announced at a later date.
※ Due to the changes to the payment methods, compensation for scan rewards in February was not paid on March 15th and will process the payment automatically through individual withdrawal applications at a later date.

<KYC (Know Your Customer) verification>
KYC, an abbreviation for Know Your Customer, can be simply interpreted as ‘customer verification’. Through the KYC customer verification; financial institutions, exchange platforms, banks, and companies will be able to check their customers’ information and verify the identity of their customers in order to determine if they are trustworthy.
Customers must verify their identity in order to receive assurance, and will be able to trade in a secure environment.

*Cryptobric is a personal digital asset management app with wallet functionalities such as; transferring KLAY and CLBK, and checking the total amount of KLAY and CLBK held. In addition to that, Cryptobric provides users with the Gift Shop menu, which allows users to purchase various gift coupons with the KLAY and CLBK tokens, from places such as Starbucks, convenience stores, bakeries, and cafes.

Furthermore, the Android version has a scan functionality which rewards CLBK for completing a scan on cryptocurrency-related apps.

Moving forward, Cloudbric will spare no effort to grow even more in the future.

* Cloudbric Social Media Channels
Medium (KR/EN) : https://cloudbric.medium.com/
Naver Blog : https://blog.naver.com/cloudbric
Kakao Open Chat : https://open.kakao.com/o/g9vtpDL
Telegram Announcement Channel (KR/EN) : https://t.me/cloudbric_announcement
Telegram Community Channel (EN) : https://t.me/cloudbric_clb
Twitter (EN) : https://twitter.com/cloudbric
LinkedIN (EN) : https://www.linkedin.com/company/cloudbric
Facebook (EN) : https://www.facebook.com/cloudbric/