IdentityMind Global Provides KYC and AML for 150th ICO Client Ahead of Consensus 2018
May 14, 2018
IdentityMind at the Forefront of Helping New, Innovative “Businesses of Tomorrow” Create Long-Term Business Value Through ICO Funding Process
PALO ALTO, CA., May 14, 2018 – IdentityMind Global™, Digital Identities You Can Trust, today announced that ONe Network, a decentralized third generation private social media platform built for the next generation of users and creators, has selected IdentityMind’s platform to perform all the necessary know your customer (KYC) and anti-money laundering (AML) compliance requirements, becoming the 150th IdentityMind initial coin offering (ICO) or security token offering (STO) client. The announcement was made in advance of Consensus 2018, the 4th annual blockchain technology summit, May 14 – 16, at the New York HIlton Midtown.
“We’re excited to announce that IdentityMind has helped 150 clients whom are creating highly innovative, long-term ‘businesses of tomorrow’ using initial coin offering (ICO) or a security token (STO) offering to fund their companies,” said Garrett Gafke, CEO, IdentityMind Global. “IdentityMind is the preeminent know your customer (KYC) and anti-money laundering (AML) provider to some of the world’s largest ICO/STO clients and cryptocurrency exchanges. Our success is built upon our trusted reputation, a tried and tested platform that facilitates fast onboarding and time to revenue for clients, outstanding service and support, and our global domain expertise in digital currencies, regulatory and risk management.”
According to Gafke, IdentityMind’s extensive understanding of the evolving U.S. and international regulatory landscape has enabled clients to meet legal requirements and demonstrate to regulators that they are in full compliance. “We work closely with legal counsel around the world,” said Gafke. “They recommend our platform to their ICO clients because they know KYC and AML compliance is taken care of using IdentityMind.”
Key IdentityMind ICO/STO metrics include:
- Clients: Served over 150 ICO/STO clients worldwide. Representative IdentityMind clients include Airtoken, BurstIQ, CRYPTO20, DataBroker DAO, Dragon Corporation, Fluz Fluz, Liquineq, Sparkle Coin, and others.
- Users: Evaluated over 450,000 ICO/STO participants.
- Geographies: Worked with clients in 25 countries including Austria, Barbados, Canada, Cayman Islands, Colombia, Czechoslovakia, Estonia, Georgia, Germany, Gibraltar, Israel, Malta, Mauritius, Norway, Philippines, Saint Kitts, Singapore, Spain, Switzerland, Taiwan, Thailand, UAE, United Kingdom, U.S., British Virgin Islands.
- Markets: Addressed lending, digital currency, payments, healthcare, crowdfunding, FinTech, marketplaces, money services businesses (MSBs), and more.
More than $6 billion was raised via ICO/STO’s in 2017, up from $10 million in 2014. In In Q1 2018, ICO volume was $6.3 billion.
“Looking out over the remainder of 2018, I anticipate continued robust ICO market growth coming with increased regulatory scrutiny,” said Gafke. “Previously, there was an emphasis on utility-based tokens but we’re now seeing a movement toward securities-based ICOs. We also expect that the SEC and FinCEN (Financial Crimes Enforcement Network) will increase their examination of ICOs and take actions against those not following U.S. regulations. Regardless, IdentityMind has domain expertise in both security and utility tokens.”
This same expertise is built into the IdentityMInd platform with a pre-configured set of KYC rules that map to U.S. and international regulatory requirements where there are detailed regulations and a general KYC process for countries where regulation has not yet been specified. In addition, IdentityMind’s KYC Plugin allows ICOs to perform accredited investor validation on the participants. Clients don’t need to build a landing page or perform any type of API integration – just copy and paste lines of code and companies can accept contributors in a few hours. Finally, KYC Plugin provides reports to satisfy examiners and regulatory auditors for those countries where these are specified.
“After an exhaustive review of available solutions, we selected IdentityMind given their outstanding reputation in the marketplace as the leading KYC and AML solution for companies conducting ICOs and STOs,” said John Hoelzer, Founder and CEO, ONe Network. “We liked the fact that they have a proven, market-tested product; a successful track record of working with over 150 companies conduct their ICO/STO journeys; deep domain expertise and intimate knowledge of the ever-changing global regulatory and compliance environments.”
- Video: IdentityMind 2.0 Intro Video
- Webinar: “KYC Compliance for ICOs Made Easier”
- ICO Infographic: Insights from Our ICO Clients
- Blog: 90 Minutes with the SEC on ICOs
- Press Release: IdentityMind Powers One of the World’s Largest ICOs
- Press Release: IdentityMind Global Announces Creation of Business Unit Dedicated to Cryptocurrencies and ICOs
- Slideshare: “18 Regulatory Insights for ICOs Worldwide”
About IdentityMind Global
IdentityMind Global, Digital Identities You Can Trust, provides a SaaS platform that builds, maintains and analyzes digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud. Built-in transaction monitoring enables e-commerce fraud prevention, anti-money laundering (AML), and counter terrorism financing (CTF). Our patented eDNA™ technology securely tracks the entities involved in each transaction (e.g. onboarding, account origination, money transfers, online payments, etc.) to build unique digital identity trust reputations. This reputation is anonymously shared between customers in IdentityMind’s Global Identity Network. For more information, visit IdentityMind on Web, Twitter, LinkedIn, Facebook, Blog, and Google+.
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Director of Corporate Communications