- Africa-focused Layer-1 blockchain Tórónet has partnered with NexeralID.
- The alliance aims to improve user compliance with KYC solutions using NexeralID’s technology.
Tórónet, Africa’s first Layer-1 blockchain developed for underserved markets, announced a strategic partnership with NexeraID to improve the security of digital transactions in Africa. This partnership marks a breakthrough for Africa and sets new standards for secure and convenient financial transactions.
Tórónet will integrate KYC protocols
As revealed in a press release shared with Crypto News Flash, a key feature of this partnership is the integration of Know Your Customer (KYC) protocols. KYC standards ensure that transactions are secure and compliant with international regulations. Through this strategic alliance, Tórónet wants to strengthen user protection against fraud.
To do this, the blockchain protocol leverages NexeraID’s cutting-edge technology to build a platform that promotes trust and supports the growth and stability of emerging African economies.
This partnership underlines Tórónet’s commitment to creating a lasting impact in Africa. It goes beyond a transactional relationship to build environments that nurture sustainable development and growth. Tórónet’s commitment to safe and compliant services stems from its core mission: providing tangible solutions for African communities and critical sectors, including rural and agricultural outposts.
Tórónet said the current development in KYC integration injects transparency, immutability and trust into the process while providing access to crucial payment systems and financing.
The platform bridges the gap between potential and ownership, ensuring that all individual assets, regardless of scale, are recognized and leveraged to fulfill ambitions. For example, Tórónet was previously supported by a partnership with the Katsina state government, which has joined the Agrifi project to organize and distribute agricultural inputs to farmers.
For NexeraID, the platform streamlines the complexity of Web3 compliance for businesses by providing a comprehensive solution for identity verification and compliance processes. NexeraID combines traditional and Web3 data authentication methods to reduce the risk of fraud while ensuring a user-friendly experience.
In addition to improving security, NexeraID solutions accelerate processes, allowing companies to navigate Web3 compliance with confidence. In January, NexeraID partnered with privacy-protecting payment and referral network cheqd, according to Crypto News Flash’s previous announcement
A shared vision of Africa’s future
Dr. Wenhai Li and Bolaji Akinboro, co-founders of Tórónet, emphasize that the partnership promises to transform secure financial transactions across Africa, empower communities and improve a better future.
“This isn’t just about deploying technology; it is about weaving these tools into the fabric of everyday life to promote sustainable growth and self-sufficiency across Africa. Our partnership with NexeraID is rooted in a shared vision to strengthen communities from within, ensuring every innovation is culturally aligned and embraced locally,” the co-founders said.
Meanwhile, tokenization is quickly becoming one of the fastest emerging trends in Africa, with a growing number of traditional finance (TradFi) players and blockchain natives emerging in the space. As previously reported by Crypto News Flash, IOTA has strengthened relationships with Trademark Africa to create a reliable digital infrastructure for trading in East Africa.
