Data has become one of the most valuable resources on the planet, and its analysis, collection and revenue generation has helped companies such as Google and Facebook take the lead in the eyes of investors. Revenue generation involves risk, and the protection of privacy is one of the biggest challenges facing companies and data makers.

A cryptocurrency project aimed at helping individuals and businesses manage personal data is SelfKey (KEY), a blockchain-based identity platform that seeks to revolutionize the KYC process and embody the spirit of supreme self-identity.

Data from Cointelegraph Markets and Tradingview shows that the KEY price jumped 470% over the past month, climbing from a low of $ 0.00495 on February 17 to a high of $ 0.0283 on March 20, when trading volume increased by 450% in 24 hours.

As blockchain technology gains widespread acceptance, the need for ways to secure and transfer identity information increases, and the recent development of the SelfKey Project is likely to be one of the leaders in providing related tools to the cryptocurrency community.

SelfKey enters the DeFi arena
Trading activity and community life began to grow in early February when the project started discussions on the SelfKey Exchange Marketplace, also known as KeyFi, which is a DeFi platform that focuses on protecting user data.

On February 18, SelfKey announced the successful completion of airdrop for users who have completed the verification of the KeyFi platform, and the team also announced an ongoing airdrop between February and June, when qualified KEY holders will be able to receive KEYFI codes as well as an additional key.

As airdrops became known, Twitter’s volume and volume increased significantly as DeFi users began to show more interest in the privacy-focused platform.

After an initial price eruption that peaked on February 21, KEY entered a consolidation period that lasted until March 9, when the entire decentralized financial sector saw a decline in token rates and protocol activity.

Since March 9, the price of KEY has increased by more than 280% as the project engages members of the community in discussions related to Identity Management, SelfKey, Self-ID Portfolio and SelfKey ID.

The emergence of DeFi over the past year has been the driving force behind the growth in the cryptocurrency area and shows no signs of slowing down in the near future. As businesses and informal users begin to explore what DeFi has to offer, SelfKey can see further growth potential if privacy products take hold.

Source: CoinTelegraph