Blockpass to Provide KYC Verification for Bitfinex’s New IEO Platform
Tokinex is an Initial Exchange Offering (IEO) platform which was presented by parent companies, Bitfinex and Ethfinex last month. It allows users to participate in pre-vetted token sales from the various ventures within the crypto industry. The platform has been tailored keeping user experience in account in order to deliver a simple and reliable contribution process.
Ampleforth is a unique digital asset protocol for ‘smart commodity-money’. It uses trusted oracles to obtain exchange-rate information and makes it available to holders of its units by a relevant increase or decrease in the tokens held by them. The AMPL supply alters in accordance with the price deviation from a USD 1 target.
The IEO is scheduled to run from 13 to 19 June 2019, aiming to reach USD 4.9 million.
Henry Child, Commercial Strategy at Tokinex and Ethfinex, said:
“Tokinex is proud to partner with Blockpass, this demonstrates both platform’s commitments to data privacy and user experience. Blockpass is leading the way in data sovereign verification and we are delighted to deliver this solution to the IEO space.”
Blockpass is a production-ready Regtech platform which aids in verification of humans (KYC), objects (KYO) and connected devices (KYD). Blockpass enables the development of new applications that depend on trusted relations between the various entities.
The CEO of Blockpass, Adam Vaziri said:
“The beauty of using the Blockpass App for identity verification during the customer onboarding process is how quick and easy it really is.”
He further stated:
“For customers who already have a Blockpass identity, they simply scan the QR code and click submit, and the company receives all their documents, pre-vetted and ready to go. This IEO is a perfect use case for our platform, taking the pain out of signing up to this great new service, Tokinex.”
Previously, Blockpass had collaborated with the parent company of Tokinex, Ethfinex and provided identity verification services to many ICOs hosted by the company. In May, Blockpass announced a partnership with Waves to ensure straightforward and transparent tools for business. Some of the other partnerships of Blockpass in 2019 include Tokenomica and the BBFTA. Employing RegTech solutions to improve AML/KYC has proven to be a smart strategy, limiting the problems while protecting all societal interests.
IEO stakeholders have to register on a certain exchange and complete KYC/AML procedures.
Other services similar to Blockpass include Daonomic, which provides self-service KYC forms for KYC/AML verification. There is also a partnership between the crypto exchange Binance and risk-management firm IdentityMind to enhance KYC/AML verification.