Drew Wolfer is the principal and CEO at Wolfer Finance and PreSend.io as well as being a notable social influencer. He is known for his embrace and knowledge of all things connected to the decentralized anonymity of blockchain, peer-to-peer exchange, and all things web2 and web3.
Recently, Mr. Wolfer approached Token of Trust with a unique set of needs related to web3 wallet verification that needed to be done quickly for compliance. He explained, “When you’re dealing with compliance you need to know it is going to be done right.” Wolfer had been searching for a single source partner for solutions to solve three equally important requirements, all at once:
- Establish and verify online identities
- Link digital wallets
- List claims (ability to export data for compliance reporting)
And could they do it while keeping their customer’s online data locked up tight?
First, a primer on all this technology
The digital world known as web3 (or Web 3.0 for the older crowd), is touted as creating a more secure, transparent, and open internet experience that enables direct interactions between users and their peers without any intermediary or centralized authority in control. Blockchains are decentralized, digital ledgers open and visible to everyone.
Anytime someone wants to lend or borrow from their account in the ledger, it’s written down so everyone can see it, with the exact date, time, and specific accounts that funds came from and went to. Once confirmed, that information can never be changed or erased. There’s just one thing – one of the most beloved features of blockchains is there aren’t any names associated with the accounts but the U.S. SEC and OFAC require that identities be clearly associated with financial transactions.
To solve this predicament, Wolfer Finance looked to partner with Token of Trust, a Minneapolis-based company specializing in online identity verification. Token of Trust prioritizes user privacy and ensures that people retain control over their identity while keeping their private data secure. Token of Trust CEO, Darrin Edelman, states “At Token of Trust, we bridge the gap between privacy laws and user transparency – it’s not just what we do, it’s who we are.”
Since its inception, Token of Trust has placed a priority on privacy. They have promised their customers two unbreakable golden rules:
- People remain in control of their identity
- Token of Trust keeps all private data private
Peeking behind the mask
In just a few short years, Token of Trust has cracked the code to what almost no other businesses could – convincing online consumers, vendors, and–in many cases–global governments to share online identification information with them that they didn’t want to share with virtually anyone else in the world.
While Token of Trust has multiple lines of business, the workhorse is its global Online Identity Verification engine, a cloud-based anti-money laundering solution designed to help online merchants authenticate data and validate the identity of individuals via multi-factor and photo ID verification. Token of Trust employs advanced security measures and encryption techniques to establish trust and comply with legal requirements.
A bespoke program for Wolfer
Token of Trust’s Edelman was excited about the challenge. In discussing the company’s various offerings and, addressing the unique requirements needed, he recommended the company’s “Solutions Architect” services. Utilizing their team of experts, Token of Trust was able to:
- Verify identities that were not yet tied to any assets
- Validate wallets linked to those identities
- Provide a dashboard with the ability to export data, for compliance reporting
After the project, Wolfer summed up the experience “We considered several options and, as we were evaluating other options, Token of Trust came to us with their best recommendations –including several possibilities that didn’t include working with them at all. We ended up contracting with Token of Trust’s Solutions Architect, going with a solution that added wallet verification to solve our problem. They really came through with a great solution that did exactly what we needed. And they did it FAST – this allowed us to seize on the market opportunity we identified and we couldn’t be happier!”