Bitcoin.com, the crypto media and wallet platform, has partnered with Concordium, a privacy-focused layer 1 blockchain, to enable age-verified stablecoin payments across the more than 75 million wallets on Bitcoin.com’s network.
The integration, announced Thursday, will allow wallet users to verify certain identity attributes such as age and jurisdiction without revealing personal information. Verification is done off-chain through an independent third-party provider and no personal data is stored on the blockchain.
Each transaction leverages zero-knowledge proof technology to verify compliance requirements while maintaining user privacy.
Bitcoin.com CEO Corbin Fraser said the ability to make age-verified payments balances user anonymity with regulatory compliance, which is an important consideration as the cryptocurrency sector evolves.
The integration has been described as a possible response to new security and age verification laws introduced in parts of Europe and some US states. The UK government reports that around 5 million online age checks are carried out every day under recently introduced regulations.
The companies said the lack of effective verification measures is limiting the stablecoin sector’s ability to achieve widespread adoption as a mainstream payment method.
The value of stablecoins in circulation exceeds $300 billion. However, limitations remain in its adoption. sauce: Defilama
Related: Concordium debuts anonymous online age-checking app amid backlash over UK rules
Stablecoin growth accelerates, calls for stronger verification standards
As adoption of cryptocurrencies continues to grow, especially in the stablecoin market, which now processes more annual remittances than Visa and Mastercard combined, industry insiders say stronger verification standards are needed.
New standards are becoming more urgent as more institutional capital moves on-chain. As reported by Cointelegraph, the competition for corporate stablecoins is heating up, with Citigroup and Western Union also joining the fray.
Efforts are also being made on the retail side, particularly in emerging markets, where stablecoins offer faster transactions and protection against local currency inflation. Recently, Nigerian fintech company Flutterwave announced a partnership with Polygon Labs to launch a stablecoin-based cross-border payments network across 34 African countries.
Related: Fintechs and neobanks drive the next era of stablecoin adoption
