The world of Initial Coin Offerings has been expanding during the last year and it will keep doing so during 2018. But regulatory agencies from different countries are searching for stricter regulatory measures towards ICOs. Furthermore, it is clear that we are moving from a centralized world to a decentralized one, and the financial sector is searching for new modern solutions.
This is why Polymath, the first securities token platform announced a strategic partnership with SelfKey, a self-sovereign digital identity platform. The intention is to make KYC compliance easier and more robust. During the first quarter of 2018, Polymath will launch its network and they want everything to be better for issuers of securities tokens and investors.
With this partnership, the securities market becomes more accessible and secure than traditional forms of asset ownership. SelfKey will help to improve the KYC requirements, and it will address the issue of self-sovereign identity using a platform based in Blockchain technology.
What is SelfKey?
SelfKey is a Blockchain based digital identity system that allows individuals and companies to own, control and manage their digital identity. That means that they can have instant access to Citizenship and Residency by Investment, Company Incorporation, Token Sales and many other things.
SelfKey is a promising company that is building partnerships with several important projects. Now, Polymath will be able to work side by side with SelfKey in order to provide better products in compliance with KYC requirements.
Edmund Lowell, SelfKey Founder commented about this partnership:
“SelfKey technology makes it simple and easy to do KYC in a decentralized manner and puts the user in full ownership and control of their identity data, something called Self-Sovereign Identity. We are pleased to have Polymath among our list of partners who are building on SelfKey technology.”
At the moment, SelfKey is backed by more than 65 individuals working on the project. The platform allows individuals and companies to recover the control over their personal data. The platform is powered by KEY, a utility token that allows its owners to have access to the Identity System. In this way, they can verify their identity, notarize ID documents and access citizenship and residency by investment, bank accounts and other services.
What is Polymath?
Polymath is a securities token platform that aims to bridge financial securities and the blockchain. It is a decentralized infrastructure for a decentralized world. According to Polymath, in the future, equities will be replaced by tokens that are based on the blockchain. But there is a lack of connection between western capital markets and Blockchain. Polymath builds this platform between these two worlds.
Trevor Koverko, Polymath CEO said:
“We think a paradigm shift is about to happen. Projects will need to know what exactly their intention is: do they want to be a utility token or a security token? Then, they will need to follow applicable rules and regulations. The world should be excited about the implication of securities tokens. If jus one sovereign wealth fund or global private equity firm were to tokenize its holdings, the value held on blockchain might increase by an order of magnitude when compared to the existing utility token market.”
Polymath wants to become the open-source standard for launching securities tokens. In this way, the team guided by Trevor Koverko, will search to disrupt the multi-trillion dollar securities industry.
Polymath and SelfKey are trying to guide companies to launch their own tokens, but at the same time with a strong KYC policy that is efficient and secure. As several other analysts believe, there will be an increased pressure over companies to have control over the information of their customers. To succeed, it is necessary to have an important and strong KYC policy, and this is what Polymath is trying to achieve with this new partnership with SelfKey.
“Working with a project like SelfKey is paramount to achieving our goals. Our mission is to guide companies through every step of a securities token launch. One of the steps, and a key local area for us, is KYC. We are thrilled to be working SelfKey so that our KYC verification process is seamless and efficient,” Koverko explained.