Important: If you have already affirmed your consent to transfer your data to Instapass and had this confirmed, do not make a new account - you must claim your Instapass account. Details will have been emailed to you from support @ instapass.io
Instapass, the single sign-on compliance service from Radix, is now available for use. If you are intending to use the Instabridge service to swap eXRD for XRD after the Olympia release, it is highly recommended that you set up your Instapass account as soon as possible to avoid potential delays in getting XRD.
To get started, we recommend reading our Instapass guides on Radix Learn so that you have everything you need before beginning. Once you are ready to begin creating your Instapass account and complete the Instapass KYC, please go to https://instapass.io and click “Sign-Up”.
What is Instapass?
DeFi is pretty good at being entirely permissionless (which is a great thing!), however, as the industry is evolving, there is an increasing number of circumstances where users need to complete AML/KYC checks. The problem is that currently, users need to do this on a platform-by-platform basis, often going through the same process every time they set up a new exchange account, participate in a token sale, or use a fiat ramp. It’s slow. It’s awkward. And it’s inefficient for both users and the platforms.
This is why when Radix was looking at the compliance flow for Instabridge, we saw an opportunity to provide a unified solution that can help the whole Radix ecosystem by providing a compliance solution for dApp builders who want it, while also enabling users of that dApp to connect frictionlessly. This is why we made Instapass, a single sign-on solution for DeFi compliance. But what does this mean? Well, once a user has provided KYC documents in Instapass and successfully passed the verification, in the future, they will have the choice to share this information with services that use Instapass. This avoids the need to repeat the same process with different platforms, services, and dApps that are integrated with Instapass.
The first service to use Instapass will be Instabridge, which will allow eXRD holders to swap between eXRD and XRD quickly and efficiently. Looking to the future, especially around the Babylon release of the Radix Public Network, Radix developers will have the option to integrate with Instapass to offer their users a low friction way to complete compliance requirements if needed.
Is Instapass Required to Use the Radix Network?
No. The Radix Public Network is completely permissionless and Instapass will never be a requirement for using the Radix Network. However, we believe it is a fantastic opportunity to provide the ecosystem with Instapass as a single sign-on solution for DeFi compliance for dApps and services that choose to use it.
You can learn more about Instapass in the original announcement, in our blog “Single Sign-On Compliance for the Future of DeFi”, and also on Radix Learn.
To start using Instapass, please go to https://instapass.io
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