ICOBox’s ICOSID Simplifies KYC/AML Compliance for ICOs and Token Buyers
ICOBox’s newest book building platform feature was launched last month. Known as ICOSID, this one-stop user verification and ID product both enhances user security and complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) legal requirements in key jurisdictions. ICOs incorporating ICOBox’s platform can now offer a more streamlined experience for whitelisted token buyers, who no longer need to create unique login IDs and passwords for each ICO built on the ICOBox platform.
Users who wish to purchase tokens are required to go through the identity verification process just once. With their ICOSID, they are known as a verified customer throughout the entire platform, so safe-listed buyers can jump the line and get instant access to waiting lists for any ICO projects they are interested in. With their ICOSID, token buyers only need to use one e-mail and login ID for making purchases from various ICOs through ICOBox’s multiplatform interface.
Companies using ICOBox’s book building platform to carry out their ICOs now have enhanced peace of mind, knowing that platform users are compliant with KYC/AML requirements in 132 countries. In addition, token buyers who have been verified with ICOSID are likely looking for a seamless experience, which means ICOs that use the ICOBox Store platform will likely be more attractive to a larger pool of potential buyers. This could increase conversion rates for ICO campaigns and boost their overall level of customer loyalty.
Of course, handing over sensitive personal identification isn’t something to be taken lightly, so ICOSID has been developed to put ID security first. Personal ID documentation and data are encrypted and held on a secure cloud, by permission only, and are never shared with individual ICOs or other third parties. Customers will simply have their profiles tagged as “verified,” “verification in process,” or “unverified.” ICOSID has verification access to hundreds of registered databases and data sources, with the ability to extract up-to-date information every time an identity check is requested. The platform aggregates multiple suppliers to maximize match rates for a variety of checks, and all information is stored in high-security, access-controlled data centers.
Full implementation of ICOSID will roll out over the next six weeks. Legal and accredited investor check capability, along with ICOS ID mass integration, will be operational by the middle of April. Full integration with exchanges and third-party services will be completed by the end of May.
ICOBox provides SaaS solutions for companies around the world wishing to conduct their own ICOs. The company has a team of over 100 professionals who offer ICO support in marketing, legal, and technology. They have helped over 30 blockchain companies in the past year alone collect over $300 million.
Interested token purchasers and companies planning to conduct their own ICOs can find out more about ICODSID at icosid.com.
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