tl;dr Concordium has entered into a partnership with Global FinReg A/S to launch a new corporate identity verification service. The solution provides a simpler and smoother way for enterprises to create their identities and accounts on-chain.

About the partnership

As of today, August 22, any scale of corporates will be able to use Concordium browser wallet to submit legal documents for verification by Global FinReg. After a successful signing ceremony, Global FinReg is added as the latest identity provider to Concordium with this transaction.

A great improvement in user experience while completing the identification has been implemented, and now it is faster and easier for companies to be onboarded without requiring another tool or extra communication with the identity providers.

With this integration, enterprise identities on Concordium enable companies to use Zero-Knowledge Proofs in their applications, which for example can be used to create smart contract operations for a specific country or region like EU for any interaction on chain. Being the only layer-1 with an ID layer at the protocol level puts Concordium in a unique position for the future economy and for faster adoption by enterprises this partnership is an important milestone.

“Concordium is the only blockchain that embeds the corporate identity into the blockchain itself,” says Conor Ringland, Head of Partnerships at Concordium “In the ever-evolving crypto space, this solution does two things that are crucial: it ensures user security while preserving privacy.”

Global FinReg is a leading global LEI registration agent and a well-known expert in the corporate verification process.

“We are thrilled to facilitate the extension of company and people validation to the blockchain” says David Silverman, CEO of Global FinReg. “We are always looking for ways to combine our LEI industry knowledge and regulatory know-how to ensure digital security.”

Global FinReg and Concordium consider themselves to be like-minded partners with a shared vision, and for Concordium, the corporate identity solution goes a long way towards making crypto a viable solution for everyone — individuals and companies alike.

“The future possibilities with this solution are endless,” says David Silverman, CEO of Global FinReg “This solution can help solve problems ranging from money laundering and monetary scams to validating online signatories.”