Understanding KYC
KYC, or know your customer, originated from national defense legislation and aims to ensure that individuals accessing banking services are trustworthy. Eli emphasizes that traditional verification methods often fall short, merely confirming identity without addressing the underlying trust issues. The challenge lies in distinguishing real identities from an infinite number of fake ones, prompting the need for a closed-loop ecosystem that establishes a reliable source of truth.In this clip
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First Time Founders with Ed Elson — ft. Eli Wachs of Footprint | Prof G Markets
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