Clarifying Sidra Bank’s Mass P2P Verification Process

The latest update sheds light on the decentralized Sidra Bank’s Mass P2P Verification.

Confusion Surrounding P2P Verification

Many individuals have voiced their confusion regarding Sidra Bank’s operational procedures, particularly regarding peer-to-peer (P2P) verification.

Tweet Sparks Uncertainty

A recent tweet by Sidra Bank stated that P2P verification would be necessary for accounts holding balances exceeding $1000. This announcement left numerous members perplexed, especially concerning the conversion rate of Sidra Coin to USD.

Conversion Rate Clarity

Sidra Bank clarified that 1000 Sidra is indeed equivalent to $1000 USD, indicating that 1 Sidra equals $66.6 USD. Consequently, individuals holding 16 Sidra or more are required to undergo P2P verification, while others can proceed without it.

Progress in Verification

The bank proudly announced that it has successfully verified 35,000 users and continues to process applications. Users are reminded to ensure the cleanliness and clarity of their submitted documents and to patiently await verification.

KYC Verification at the Core

It appears that the basic Know Your Customer (KYC) verification process is what’s being referred to in the P2P verification requirement.

Clarification from the Team

In response to the multitude of inquiries and confusion, the Sidra Bank team took to Twitter to provide further clarification on verification requirements:

Verification Requirements Clarification:

  • Users with access transactions totaling less than $1000 USD are exempt from P2P verification.
  • Users with a cumulative transaction value exceeding $1000 USD will be prompted to engage in P2P verification with other users from their religion.”

As Sidra Bank continues to navigate its decentralized model, clear communication and transparent processes remain pivotal in ensuring user understanding and satisfaction.Β Read Similar Story

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