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The Ivy Project started with a simple idea – that cryptocurrency and blockchain-backed tokens should make it easier for large institutions to accept payments, not more difficult. Blockchains excel at being a shared source of truth for digital information, where all participants can verify data without having to trust one another. Therefore payments backed by blockchains, such as cryptocurrency transactions, should offer a rich source of information to the receiver, sender, and other interested parties such as regulatory bodies. This data is commonly referred to as Know-Your-Customer (KYC) and Know-Your-Transaction (KYT) data. We found, through working with financial institutions, that current blockchain-based payments fall short in providing the level of transparency required for KYC + KYT, that are required to create trust and fulfill Anti-Money Laundering (AML) and other compliance rules for traditional financial institutions.

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