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KYC

KYC will be done by our partner Hypernet.ID

KYC Process

Depending on the stipulations determined by the market owner or jurisdiction, lenders may also be required to KYC (know your customer) using https://hypernet.id/.
This is a simple process that mints an identity token to your wallet in order for the market owner or borrower to know that the lender is legitimate.
  • Enter Hypernet.ID and connect your Digital wallet to the application
Sign the transaction
  • Create Hypernet Profile
  • Once the Profile is created, get your ID ready for verification
  • The User can select any of provided government-issued photo ID
  • Once the docs are submitted, the application will request for a Facial scan to do a real-time facial match with the ID submitted. Once this step is complete, Hypernet will take a couple of minutes to validate all the information that was submitted by the user.
  • Once validated, an NFT is minted to the users wallet address on Polygon. For confirmation, user can verify completed transaction on Polygonscan.
  • After a successful KYC, Teller may take up to 24 hours to attest the Borrower into a Market.
  • Once confirmed, borrowers will be able to make loan requests or lend to pending loan requests henceforth on any KYC’d markets.

Advantages of Getting KYC'ed via Hypernet.ID

If the user is able to get KYC'ed by Hypernet.ID then the user will gain eligibility for the below roles in Teller
  • Lender in Koala Market
Being KYC'ed will get you access to the above roles in their respective markets.