SelfKey (KEY) has increased by 450 percent following DeFi pivot and data storage enhancements.

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The introduction of new identity management platforms, as well as a shift towards DeFi, tend to have resulted in a 450 percent increase in the price of SelfKey.

Data has become one of the world’s most important tools, and its review, processing, and monetization have helped businesses such as Google and Facebook gain blue-chip status in the eyes of investors. With monetization comes danger, and one of the most important obstacles that businesses and data producers face is privacy security.

SelfKey (KEY), a blockchain-based identification network that aims to revolutionise the KYC mechanism and represent the ethos of Self-Sovereign Identity, is one cryptocurrency initiative that focuses on assisting individuals and businesses in handling personal details.

According to Tradingview results, the price of KEY has risen 470 percent in the last month, rising from a low of $0.00495 on February 17 to a high of $0.0283 on March 20 as trading volume increased 450 percent in 24 hours.

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KEY/USDT 4-hour chart. Source: TradingView

If blockchain technology becomes more commonly embraced, the need for methods to protect and transfer identity information increases, and recent innovations for the SelfKey project may place it as one of the frontrunners in providing related resources for the cryptocurrency community.

SelfKey enters the DeFi arena

Trading activity and community excitement began picking up in early February when the project began discussing the SelfKey Exchange Marketplace, also known as KeyFi, a DeFi platform with a focus on protecting user data.

On Feb. 18, SelfKey announced the successful completion of an airdrop to users who had completed the KeyFi platform credentials verification and the team also revealed an ongoing airdrop taking place between February and June where qualified KEY holders would have the opportunity to receive KEYFI tokens as well as additional KEY.

Following the airdrop disclosures, trading and Twitter volumes grew significantly as DeFi users became more interested in the privacy-focused website.

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Following its initial price breakout, which peaked on February 21, KEY entered a consolidation phase that lasted until March 9 as the decentralised finance market as a whole saw a pullback in token prices and protocol activity.

The price of KEY has risen by more than 280 percent since March 9 as the project involved group participants in conversations about identity management, the SelfKey Foundation, the SelfKey Identity Wallet, and the SelfKey ID.

The increase of DeFi over the last year has been a driving force of development in the cryptocurrency sector, and it shows no signs of abating in the near future. SelfKey will prosper more as its identity security solutions gain momentum as businesses and mainstream consumers continue to discover what DeFi has to deliver.

 

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