FAQ's
Last updated
Last updated
The first blockchain BoF is launching on is polygon. As our infrastructure is EVM compatible it means that we are able to launch on other blockchains in a timely manor.
As we advance down our development pipeline we will be offering BoF across multiple blockchains.
USDC on polygon is the required digital currency.
As we advance down our development pipeline we will provide the ability for USDC on Ethereum and other blockchains to be deposited directly into our USDC Earn Accounts or Spending Accounts on polygon without the user having to bridge the assets themselves; thus creating a seamless user experience.
Gas on polygon is paid in the native token called MATIC but while interacting with the BoF Platform, Users do not require MATIC to pay for gas as BoF pays for gas on User's behalf thanks to the implementation of .
To verify your account, navigate to your BoF Profile icon in the top right corner of the BoF Platform. Open your profile menu by clicking on the icon and navigate to the "Verify Your Account" button.
KYC stands for "Know Your Customer". It is a process used to verify and authenticate the identity of users to ensure BoF complies with the regulatory framework in the jurisdictions we offer access to our platform in.
KYC is needed for several reasons:
Compliance with regulations: BoF is legally obligated to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Implementing KYC processes helps BoF meet these legal requirements and avoid potential penalties or legal consequences.
Risk mitigation: KYC procedures allow BoF to assess the potential risks associated with a user. By verifying identities and analyzing transaction patterns, BoF can identify and mitigate risks related to fraud, money laundering, or other illegal activities.
Reputation management: Implementing robust KYC measures helps BoF maintain our reputation and integrity. It demonstrates our commitment to combating financial crime and protecting our users and stakeholders.
Customer protection: KYC processes help protect legitimate users from identity theft and fraud. By verifying the identity of users, BoF can ensure that our services are not exploited by criminals to engage in illicit activities.
The primary objective of KYC is to prevent identity theft, fraud, money laundering, terrorist financing, and other illicit activities. By implementing a robust KYC processes, BoF can mitigate the potential risk of our platform being misused for criminal purposes.
KYC typically involves collecting and verifying various types of user information, such as:
Identity information: This includes the customer's name, date of birth, address, and other relevant details.
Official documents: Customers are required to provide official identification documents, such as passports, driver's licenses, or national identification cards, to verify their identity.
Additional information: Depending on the nature of the business and the regulatory requirements, additional information may be collected, such as the customer's occupation, source of funds, and transaction history.
No, you dont have to verify your account to access the BoF platform and use the many features available that do not not require verification as show below.
Yes, when you successfully complete the KYC verification process all your wallets that are connected to your BoF profile are allow listed to interact with the BoF products that require this verification in order to be interacted with.
Unless stated otherwise on the BoF platform, all displayed APY's are variable.
BoF uses a third party called "", to collect, process and verify user data. Information on how Fractal works can be found .
However, if you would like to interact with the, , or create a , then you will need to which can be done in a few quick and simple steps.
For the safety of our Users, BoF only stores Users email addresses. BoF’s which governs the collection and use of personal information can be viewed . All other personal User information collected during the KYC process is stored by our third party KYC provider Fractal ID and in line with their strict security measures and .
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