A great new option for Canadian Investors.
A great thing happened today for crypto investors in Canada looking to buy currencies like Bitcoin, Litecoin, and Ethereum. Canada Post will now provide instant ID verification for the QuadrigaCX exchange.
The QuadrigaCX exchange has long been a favorite of mine and I have written about it in various posts on my website. If you would like to read about how to buy Bitcoin or other cryptocurrencies in Canada you can read this post
Many of the exchanges are now requiring a Know Your Customer (KYC) verification. You will see this term KYC used quite often when you are looking to turn Canadian dollars or any fiat currency into crypto. Recently, Coinbase has changed their KYC verification for all customers, including existing customers. I had done many transactions through Coinbase and until recently, I was not required to provide KYC verification. Now it is a mandatory process before any currency exchange on their platform.
I was not a fan of having to provide this type of information and have the information available at someone’s fingertips. With the vulnerability of personal information these days, I am careful where and how I share my personal information. This same KYC information must be provided by people wanting to take part in some ICOs as well. This is where Canada Post comes in.
Today, the steps needed for an online KYC verification are straightforward. You will need a picture of a Government issued ID like a driver’s license or a passport, and a picture of yourself holding your ID with your name written on it. This is used to show you are who you claim to be and are a resident of the country you say. You then upload these photos to the exchange website and fill out a standard online form asking for basic details like your name and address. Once this step is complete it could take a few days or, even a few weeks for a KYC approval and full buying options activated on the exchange.
The Digital Proof of Identity program, verification is done at a Canada Post retail outlet. You begin the process in QuadrigaCX simply login and follow the steps. Once you receive temporary approval from QuadrigaCX take the information to Canada Post. The agent will then verify the information provided from QuadrigaCx and the ID you show.
Will this bring further trust to the Canadian exchange QuadrigaCX?
I feel much better providing this information to a Canada Post employee. I also feel this will have the added benefit of providing added legitimacy to cryptocurrencies. This will bring further trust to the Canadian exchange QuadrigaCX and their partnership with Canada Post. I imagine that other exchanges will follow suit and create their own partnerships with Canada Post.
What do you think? Will you choose to use this new verification process? I would like to hear what people think about this partnership, I am very excited about it and will be using very soon. Let me know below.