GLEIF and Chainlink Partner to Modernize Identity Systems in Finance

🔍 Identity Crisis in Finance

By Chainlink
Jun 5, 2025, 4:26 PM
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Current investment fund identity systems are fragmented across multiple silos, leading to significant inefficiencies:

  • 33% of compliance budgets go to KYC processes
  • Average client onboarding costs $2,598
  • Over 67% of banks lose clients due to onboarding delays

GLEIF and Chainlink are collaborating to create a unified blockchain-based identity verification system.​ This initiative aims to:

  • Establish a single source of truth for identity data
  • Streamline compliance processes
  • Reduce costs and onboarding friction

BlackRock CEO Larry Fink emphasizes that solving digital verification is crucial for building an efficient financial system.​

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