Binance's BNB Attestation Service teams up with Sumsub to expedite web3 identity authentication processes

In a groundbreaking move, Sumsub has partnered with the BNB Attestation Service (BAS) on Binance's BNB Chain. This partnership marks the first use of Sumsub ID to issue on-chain credentials within the BNB ecosystem.

The collaboration aims to bring reusable digital identity into mainstream Web3 use cases, bridging Web2 trust models with Web3 reputation systems. By doing so, it establishes a stronger foundation for ecosystem growth.

Ilya Brovin, Chief Growth Officer at Sumsub, stated that the partnership brings trusted Web2 credentials directly into DeFi, RWA, and airdrop use cases. Sumsub ID can reduce onboarding time by up to 50% and boost conversion rates by 30%.

Once verified, users receive on-chain attestations - tamper-proof digital proofs tied to their BNB wallets. This enables faster onboarding with verified Web2 identities. Sumsub, as a core attestation issuer for BAS, reinforces compliance standards and mitigates sybil risks, where a single user controls many wallets, skewing participation or rewards in an ecosystem.

The partnership also extends these benefits across exchanges and wallets through streamlined KYC. Sumsub ID allows users to pre-verify themselves once and securely store their documents for multiple verifications across participating platforms.

Sumsub and BAS will support compliant access in DeFi and connect Real World Assets (RWA) platforms with identity credentials. The partnership will facilitate community airdrops with fair distribution to real users.

Annie Lee, Founder at BNB Attestation Service, stated that the partnership will bring a more efficient route to compliance for businesses. Ilya Brovin, Chief Growth Officer at Sumsub, stated that Sumsub ID will continue to lay the groundwork for a more open, trusted, and user-centric Web3 environment.

In summary, the partnership between Sumsub and BAS on Binance's BNB Chain is set to revolutionize Web3 identity management, bridging the gap between Web2 and Web3, and providing a more efficient, secure, and user-friendly experience for all participants in the BNB ecosystem.

Binance's BNB Attestation Service teams up with Sumsub to expedite web3 identity authentication processes