Data has become one of the most valuable resources in the world, and its analysis, collection, and monetization have helped companies like Google and Facebook achieve blue-chip status in the eyes of investors. There is a risk with monetization, and privacy is one of the greatest challenges for businesses and data producers.
One cryptocurrency project focused on helping individuals and businesses manage personal data is SelfKey (KEY), a blockchain-based identity platform set to revolutionize the KYC process and embody the ethos of self-sovereign identity.
Data from Cointelegraph Markets and Tradingview show that the price of KEY rose 470% last month, rising from a low of $ 0.00495 on February 17th to a high of $ 0.0283 on March 20th since the trading volume has increased by 450% within 24 hours.
With the increasing adoption of blockchain technology, the need for ways to secure and transfer identity information is becoming increasingly important, and the recent developments for the SelfKey project could potentially become a pioneer in providing relevant tools to the cryptocurrency community.
SelfKey enters the DeFi arena
Trading activity and excitement in the community increased in early February when the project began discussing the SelfKey Exchange Marketplace, also known as KeyFi, a DeFi platform focused on protecting user data.
On February 18, SelfKey announced the successful completion of an Airdrop to users who had completed the KeyFi platform credential verification. The team also announced that there will be an airdrop between February and June where qualified KEY holders will have the opportunity to receive KEYFI tokens as well as additional KEYS.
After the Airdrop revelations, trading and Twitter volumes increased noticeably as DeFi users showed more interest in the privacy-focused platform.
After the initial price breakout, which peaked on February 21, KEY entered a consolidation phase that lasted until March 9, as the entire decentralized financial sector saw a decline in token prices and protocol activity.
Since March 9, the price of KEY has increased more than 280% as the project involved community members with discussions about Identity Management, the SelfKey Foundation, the SelfKey Identity Wallet, and the SelfKey ID.
The advent of DeFi last year was a driving force behind growth in the cryptocurrency space and shows no signs of slowing in the near future. As businesses and mainstream users begin to explore DeFi’s offerings, SelfKey could see more benefits as its identity protection products gain traction.
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