Swiss digital identity and personal data management platform VALID has raised $10.73m.
The company has announced the successful completion of its initial token offering, with the project has raising the equivalent of $10.73m in Ether, Bitcoin and traditional fiat currencies.
The VALID crowd sale closed on 17th of March as planned. The tokens sold during the initial token offering will be minted and distributed to backers, provided they have completed the stringent KYC (Know Your Customer) vetting procedure.
VALID said it is required to conduct as a member of a self-regulatory organisation supervised by the Swiss Financial Market Supervisory Authority FINMA. VALID expects the distribution of tokens to sale participants within the coming four to eight weeks. It has already announced the future listing of its token on the Lykke exchange.
VALID founder and CEO Daniel Gasteiger said: “The support we have received from the community has been nothing short of incredible. We thank everyone who believes in our idea and has backed us in the token sale. This is the start of an exciting journey, and we will now put all our resources to work to make our common vision a reality.”
The company is a self-sovereign, blockchain-enabled digital identity and personal data platform. It claims to be the next iteration of the Procivis digital identity platform, which draws on the e-government platform eID+, also developed by Procivis.
The VALID platform will consist of a mobile wallet (VALID wallet) for users to manage their digital identity and personal data as well as a web application (VALID marketplace) for data consumers to buy and access that data. Users and data consumers will be able to add data, request data from third parties, get their data verified, manage their privacy settings, buy services and finally share and monetize their data in a fully user-controlled fashion.
With the new European privacy regulation coming into force in May 2018 (General Data Protection Regulation, or GDPR), regulatory forces are also aiming to give more power to individuals over their data and less discretion to the organizations that collect and use it for monetary gains. Therefore, VALID claims to be an emerging solution for GDPR.
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