IdentityMind Powers One of the World’s Largest ICOs
March 7, 2018
IdentityMind Global™, the leader in Digital Identities You Can Trust, today announced that Dragon Corporation is utilizing IdentityMind’s plug-in software solution to handle the necessary know your customer (KYC) and anti money laundering (AML) requirements to launch their $500 million ICO – one of the world’s largest.
Dragon Corporation launched its ICO February 15, 2018 (Chinese New Year’s Eve) for its decentralized coin – the Dragon Coin (DRG) – which is listed on a variety of cryptocurrency exchanges. Additionally, the company has plans to build a 1,600-square-meter, eco-friendly, floating hotel and casino – the Dragon Pearl. Plans are for the hotel and casino to only accept Dragon Coins for gaming and hotel services.
“We chose to partner with IdentityMind given their successful track record of powering some of the world’s largest and most successful ICOs, their ability to onboard contributors quickly and efficiently while helping us stay in compliance globally,” said Chris Ahmad, CEO and Founder, Dragon Corporation. “By leveraging IdentityMind’s product and market expertise, we’ve been able to realize enhanced due diligence, secure peace of mind and put us on track for a successful ICO.”
“Using IdentityMind, investors are being approved in real-time rather than weeks,” continued Ahmad. “Prior to embarking on our ICO, we observed many other ICOs and cryptocurrency exchanges engaged in lethargic onboarding processes. They were simply overwhelmed by the number of potential investors which dragged out their entire ICO process. With IdentityMind, we’ve been able to provide responses in milliseconds enabling investors to onboard almost immediately while benefiting Dragon Corporation in our ability to take in money and distribute tokens faster.”
“We’re excited to partner with an ICO of this caliber,” said Garrett Gafke, CEO, IdentityMind. “IdentityMind is the trusted compliance partner for some of the world’s largest ICOs like Dragon Corporation. Our ability to provide customized workflows for each country meant that Dragon Corporation was able to facilitate faster onboarding that met with individual country regulatory requirements.”
Government regulations surrounding ICOs and cryptocurrencies are dynamic and constantly changing. IdentityMind experts are at the forefront of understanding existing and new regulations on a country-by-country basis. IdentityMind provides years of best practices enabling their customers to understand who their contributors are, block sanctioned and risky contributors, and understand where their funds are coming from. This knowledge base prevents ICOs from getting shut down and maintains credibility among investors and the market. To date, IdentityMind has worked with over 50 ICO customers, evaluating more than 250,000 users around the world who have contributed more than a billion dollars in digital currency.
Dragon’s goal is to disrupt the legitimate public gaming sector (namely casinos), by introducing blockchain as a more cost-efficient, secure, and quicker alternative to the traditional chips and junket system – a private room in a casino, branded and operated by investors who pool funds to provide gaming services to VIP guests. To accomplish this, Dragon launched their ICO, with the goal of making junkets available for all, while staying in compliance globally (regardless of where the investor was from).
- March 14 Webinar: IdentityMind will be hosting a free 45-minute webinar, “KYC Compliance for ICOs Made Easier,” beginning at 11 am. PDT, Wednesday, March 14. To register, please go here.
- Press Release: February 7, “IdentityMind Global Announces Creation of Business Unit Dedicated to Cryptocurrencies and ICOs”
- Slideshare: “18 Regulatory Insights for ICOs Worldwide”
- Blog: “The Three Most Important Things When Launching an ICO”
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.
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Director of Corporate Communications