What is KYB?
KYB stands for “know your business”, and is a process by which a user can verify that they represent a legitimate business entity. It is the business equivalent of KYC.
VeVe CEO, David Yu, has stated that in the future businesses will be able to complete KYB and manage VeVe accounts on the behalf of a business.
Businesses that complete KYB will be able to participate in the marketplace like normal users.
As of July 31st 2022, all VeVe users must complete KYC in order to participate in the marketplace and drops, as well as get access to other app features.
This is to verify that all users who make purchases on the app have their identities confirmed, and prevent financial fraud and other scams.
In the future, VeVe has hinted that businesses will also be able to get their accounts verified, similar to individual users, so that they can also purchase NFTs within the VeVe platform.
No details have yet been provided about the KYB process, but it will likely involve businesses uploading legal documents that confirm that they are a legitimate entities.
KYB could allow businesses and institutions to invest in licensed digital assets, and has the potential to bring a ton of new liquidity into the app.