AmaZix Capital, 0rigin Ventures to Purchase AML-Focused Blockchain WORBLI
- In addition to purchasing 100% of WORBLI’s assets, the two funds will also get 10% of the circulating supply of the WBI token.
- The acquisition will speed up the development of WORBLI’s KYC and AML product.
AmaZix Capital Limited and 0rigin Ventures have reportedly come to an agreement with the WORBLI Foundation to acquire 100% of the company’s assets, WORBLI announced on January 20.
WORBLI is an EOSIO-powered public blockchain focused on tackling the issue of money laundering with regards to cryptocurrencies as it comes with built-in KYC and AML features.
The European Union and other jurisdictions around the world are pushing for more strict AML rules to be imposed on crypto assets and WORBLI is aiming to meet this call for compliance.
The acquisition by the two venture capital firms aims to speed up the development and deployment of WORBLI’s KYC and AML product, which will subsequently be marketed to fintech companies looking to stay compliant with emerging governmental regulations regarding digital assets.
In addition to selling 100% of WORBLI’s assets, another 10% of the WORBLI utility token (WBI) will be sold to the acquiring companies, but will be locked for a period of 6 years.
Domenic Thomas, CEO of WORBLI, commented on the acquisition:
“When we started this journey, our job was to identify and develop the key components that traditional Financial Markets would require to even consider looking at DLT as a practical solution to its evolution. The road we took was lonely as the only blockchain network to implement KYC in the base protocol, but the strength of our conviction brought us to this transaction and a huge step forward in turning our vision into reality. Whilst 0rigin have supported us throughout, the addition of AmaZix Capital to WORBLI brings multi-dimensional growth potential that was beyond any of our wildest expectations. I am honoured to be part of what was achieved and those achievements yet to come.”
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- The level-1 KYC process requires users to submit a government identification and undergo facial authentication, and is in line with global regulatory guidelines.
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