Electroneum (ETN) is moving with speed to introduce KYC and has already introduced level 1 of it. This requires the user to provide basic information about themselves. However, full compliance will come into effect on November 12th. Once full KYC takes effect, it will work as follows. In addition to level one’s basic info, level 2 will be required for users who transact 150 euros over 3 months, while level 3 will be required for those who transact over 10,000 euros in 3 months. This KYC feature is a major boost to the adoption of Electroneum in the Fintech industry, and will boost the overall value of ETN.
However, there are concerns that this defeats the whole essence of decentralization. After all, cryptocurrencies are supposed to be permission-less, whereby no one has control over how users interacts with their money. Well, Electroneum actually does adhere to this principle. That’s because the KYC feature only applies to online wallets. For people who would just like to hold their coins without ever having to deal with KYC issues, they can easily do so by holding their coins in a paper wallet. By using this wallet, you can hold your coins for as long as you wish, and without anyone ever bothering you about your identity.
In essence, ETN is the best of both worlds. It is decentralized and permission-less while at the same time adhering to regulations that can help drive adoption. This makes it a high value crypto going into the future. That’s because, it will draw in both institutional partners and long-term HODLERs.
The most important of these are the institutional partners since they have the volumes. Most telecom companies have millions of subscribers and they are the primary potential partners for Electroneum. As such, they add a massive level of demand to Electroneum (ETN) going into the future. Such partnerships will place Electroneum in a strong position for stable growth, away from the erratic price movements of the rest of the crypto market. As for long-term investors, they do matter too, to the long-term value growth of Electroneum. That’s because they are made up of both retail investors and institutional money. For instance, once hedge funds start taking an interest in Electroneum (ETN) its intrinsic value will shoot up by a huge margin.
Clearly, things are looking up for Electroneum (ETN). What many thought was a pump and dumped has turned out to be a great investment. In the last couple of weeks, ETN has shot up by over 300% and going by what the ETN team is doing, it is still early days.
Once full KYC is unveiled, the value of this crypto could easily skyrocket by another 1000%. That’s because this is widely expected to be the catalyst that will bring in the big Fintech deals that most ETN holders have been hoping for. It could also be the trigger that draws institutional investors such as hedge funds. These funds need low risk, high return cryptos and with KYC, Electroneum will be one such crypto. It’s low risk because it is decentralized, and high return due to the potential partnerships it is likely to attract.