via Electroneum.com

The price of Electroneum (ETN), a cryptocurrency focused on mobile usage, is now up over 25% since last Friday when the project announced that it has become the world’s first KYC-compliant cryptocurrency. The altcoin is up an impressive 360% since the middle of September.

According to the announcement, Electroneum aims to build itself into a recognized platform for payment, similar to PayPal or Venmo. To accomplish this, the Electroneum has introduced a new system of KYC that “involves each user providing proof of identification based on the amount of ETN (our digital currency) they hold or send from their wallets.”

As part of this process, Electroneum has partnered with Yoti, a digital identity app that will help to streamline and simplify the project’s KYC process through a rapid and secure verification system.

Like most KYC structures, Electroneum will offer tiers of verification, with the lowest being only users’ names and the country where they live, which is ideal for the basic mobile app user looking to simply hold and transfer ETN. All users have until Monday, November 12 to comply with the new KYC standards.

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As a result of the announcement, ETN has surpassed $200 million in market cap and is currently ranked 41st in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

More: ETN Becomes World’s First KYC-Compliant Cryptocurrency
Related: Electroneum (ETN) Mobile Mining Still Viable After Google Ban

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.