5 MINUTES

SelfKey Progress Report for May 2022

We’re almost halfway through the year, and it has been eventful, to say the least. In this edition of the SelfKey progress report, we look at all that has happened with the market and with SelfKey during May 2022.
01 Jun 2022
Sree
SelfKey Progress Report May 2022

Crypto Market Updates

The crypto markets started a new corrective phase during the second week of May. And although it might sometimes seem like there is no going back to the good old days of a bull market, those of you who have been following crypto long enough will have experienced similar situations before and would know that this is also a phase that would in time pass. 

Nevertheless, there is good news coming out of the crypto industry even when the markets are performing poorly. 

  • The news that Starbucks is planning to launch its NFT collection as soon as this year was welcomed with lots of excitement by the crypto community. The company revealed its plans to expand its brand with the help of NFTs in their Q2 Fiscal report call.
  • Yet another news was that the E-commerce giant eBay has officially launched its first NFT drop, with a series of tokenized collectibles featuring National Hockey League (NHL) legend Wayne Gretsky.

It’s in the nature of the markets to be cyclical, and even though things currently don’t seem pleasant, winter will once again turn to spring and spring to summer. Moreover, amidst the call for the death of crypto for the umpteenth time, crypto markets have gone back to green over the past few days.

SelfKey Development Updates

The latest update about the MetaProof Platform (previously POI Platform) and the Living Avatar NFTs is that it’s getting ready for a closed beta testing exclusively for the SelfKey community.

The beta release will mark a significant milestone for SelfKey and digital identity management in the Web3 and the Metaverse era.

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New Partnerships

KYC & Digital Identity Ownership - Fireside Chat Ft. Edmund Lowell

SelfKey’s Product Head, Edmund Lowell, was featured in a fireside chat with Chris Tse, Founding Director of CardStack Foundation.

The following topics were covered in the chat.

  • The current state of regulations and KYC compliance in crypto
  • KYC requirements for VASPs, including DeFi
  • Importance of protecting and respecting the personal information of individual crypto investors and traders
  • Role of KYC-Chain in regulatory compliance
  • SelfKey Foundation’s role in digital identity ownership
  • What’s next for KYC-Chain and SelfKey Foundation

Make sure to check it out here.

Fresh Content

A Decentralized Identity Infrastructure for Web3 and the Metaverse

With the fast advancements being made on the internet’s infrastructure, digital identity will be one of the areas where major changes will take place in the coming future. Web3 and the Metaverse need a decentralized identity management system that ensures identity security for its users.

Read the article here.

That's all for this month. Stay safe, and Thanks for reading.

You can read all the previous SelfKey progress reports here.

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