Yzi Labs Highlights 'Sign'... "Leading Blockchain-Based KYC Innovation" [Cointerview]

Interview with Yan Xin, CEO of Sign Protocol

Building a Web3 Identity Verification Standard

KYC Innovation Noted by 'Yzi Labs'

Accelerating Ecosystem Growth Using Bitcoin

Expanding into Global Markets Including Korea

Yan Xin, CEO of Sign Protocol / Photo=Sign Protocol

"Blockchain is originally a system built for transaction verification. We plan to leverage this characteristic to build infrastructure capable of verifying various digital information."

Yan Xin, CEO of Sign Protocol, shared this vision in an interview with Bloomingbit on the 12th, discussing future expansion directions.

We delved into the on-chain certification network, future expansion directions of Sign Protocol, and strategies for entering global markets including Korea.

Building a Web3 Identity Verification Standard

CEO Xin defines Sign Protocol as a 'digital identity verification innovation project' in the Web3 environment. In traditional financial systems, identity systems are managed through centralized institutions, but in blockchain, a decentralized solution for data verification is needed. Sign Protocol is an authentication system that supports solving this in the Web3 ecosystem.

He stated, "Sign Protocol helps third parties verify personal information such as university diplomas and identity information through an 'on-chain authentication protocol' that verifies digital information using blockchain."

Sign Protocol started with a contract signing service called 'eSign'. Through the operation of this service, they acquired related technology and know-how, expanding beyond contract verification to identity verification and data verification.

CEO Xin explained, "Currently, we are conducting two main businesses: the 'on-chain authentication network' and the token distribution and management service 'Token Table'. We are conducting efficient identity verification and token data verification through verification infrastructure."

Sign Protocol is building and operating a digital identity verification system in collaboration with countries like Sierra Leone and the United Arab Emirates (UAE), and provides token distribution and management services to multiple projects such as MOVE, StarkNet, and Mocaverse.

KYC Innovation Noted by Yzi Labs

Accelerating Ecosystem Growth Using Bitcoin

Sign Protocol is the highlight of the first investment round announced by Yzi Labs (formerly Binance Labs) after rebranding. Sign Protocol secured approximately $16 million through the Series A round led by Yzi Labs.

CEO Xin stated about this investment round, "We will further strengthen the on-chain verification network through collaboration with strategic partners," adding, "We will build a more reliable system by linking the 250 million customer verification data held by Binance."

Through collaboration with other partners participating in the investment round, such as the virtual asset (cryptocurrency) hedge fund Amber Group, they plan to expand various token management solutions, including lock-up token management and OTC trading support.

Additionally, they are expanding the on-chain authentication infrastructure using the Bitcoin currently held by Sign Protocol. CEO Xin said, "Last year, Sign Protocol purchased Bitcoin using part of the profits. This was a strategic decision for Web3 ecosystem expansion, not just for investment purposes," adding, "We plan to introduce a system that rewards Bitcoin when specific users complete KYC (Know Your Customer) verification."

He continued, "Bitcoin is the most trusted digital asset in the global market and will play a significant role in expanding blockchain-based KYC solutions that bring Web2 financial users into the Web3 ecosystem."

Expanding into Global Markets Including Korea

Sign Protocol is pursuing global expansion by collaborating with countries such as Bhutan, Honduras, and Thailand, in addition to Sierra Leone and the United Arab Emirates. CEO Xin stated, "We are particularly focusing on entering the Korean market."

He said, "Korea has a well-established digital ID system and a developed KYC service market," adding, "Sign Protocol will enter the Korean market by introducing a more efficient on-chain verification system."

A 'wallet verification system' for the Korean market is also under development. This system supports directly verifying on the blockchain whether a user's wallet address is an account that has completed KYC.

CEO Xin stated, "We are currently collaborating with projects and venture capitals actively operating in the Korean market, such as KAIA, The Open Network, and Altos Ventures," adding, "We are preparing localized services based on these partnerships."