/biz/ - Business & Finance

The recent drama revolving around the Everest team’s mishandling of the news letter mailing list situation was the final straw for me. I’m sorry guys, but if Everest can’t even be trusted to handle data as simple as sending updates to a few emails; I don’t see how they could possibly be relied upon to safeguard sensitive information like a population’s literal DNA. That is why at the earliest opportunity I will be market selling all of the ID tokens I currently have staked in my Everwallet. It’s disappointing it had to come to this, but I honestly see no viable solution to a fuck up of this magnitude. I urge everyone in the Everest community to also seriously consider their positions given the compromising predicament the team’s actions have put us all in.

Since these licensed and regulated entities must comply with the compliance rules and are subject to the same laws as DeFi projects, then the ideal candidate to be this mythical, theorized entity is a licensed crypto custodian. However, almost all crypto custodians are exchanges and trading desks who have zero interest in taking on the liability of compliance for potential competitors. Additionally, the market requires a licensed custodian who is GDPR (or equivalent) compliant to safeguard users’ data, who can process the minimum of legally required identity verification, and who holds such data on the DeFi players’ behalf — only passing the project or DEX a ZKP (not the user’s data) that proves the wallet is approved for various services, thus preserving users’ privacy. This licensed custodian takes on the burden of transaction risk rating, user risk rating, screening, reporting, BSA, storing, etc. on behalf of the DeFi project. In this scenario, the DeFi project offloads the burdens of cost, time, hassle, knowledge of users, etc. of compliance and focuses on its core business, while staying true to its users and ethos.