The cryptocurrency and blockchain sector’s favorite encrypted messenger app Telegram has come up with a personal identification authorization tool.
The tool, referred to as Telegram Passport, enables a user to encrypts their personal ID data and share it securely with third parties, while performing financial transactions or subscribing to ICOs.
As of now, users ID data will be stored on the Telegram’s cloud server. However, in the future, all ID related data will be migrated to a decentralized cloud.
Notably, Telegram Passport is integrated with digital payment processor ePayments, which Telegram calls as the “first electronic payments system to support registration and verification.”
Epayment has acknowledged the information provided by Telegram saying that its verification system has been integrated with the Telegram channel and the “process of ID validation can be achieved in just a few clicks.”
Pavel Durov, CEO and founder of Telegram was recently featured in Fortune’s “40 Under 40” annual list as one of the most notable disruptors of global business. VK.com is a popular Russian online social media and networking site founded by Durov before creating Telegram.
Earlier this March, the messenger service raised about $1.70 billion in two tranches of $850 million from private investors. Telegram had plans to launch an ICO in May. As the company raised enough money for its projects, the ICO was put off. Another reason to shy away from reaching out to the cryptocommunity is because of the increasing scrutiny of ICOs by the US regulators.
EPayments, which was established in 2011, provides payment processing services to over 500,000 freelancers and 1,000 firms worldwide. The London-based company supports cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH) and Ethereum (ETH).
