GECKO launches compliance solution for ICOs

RegTech 100 company GECKO Governance has launched a new compliance solution, GECKO Crypto1.

The solution, which manages ICO governance and compliance for every jurisdiction, has landed approval by the Isle of Man Financial Services Authority.

According to the RegTech, Crypto1 will offer ‘enhanced levels’ of transparency and accountability to platform-users within the blockchain industry. It will address issues of accountability and transparency within the ICO market by allowing companies to manage ICO projects before, during, and after the capital raising period.

GECKO aims to use its monitoring and management tools to allow the ICOs to be better vetted by investors while providing an independent audit trail for regulators. Crypto1 will be implemented on the Ethereum blockchain to ensure trusted, secure, decentralised compliance across the entire ecosystem of data providers and consumers.

Shane Brett, co-founder and CEO of GECKO Governance, said: “2017 saw over $6.8bn raised through token sales – showcasing an incredible potential to finance ambitious products and startups. However, the current lack of governance standards within the ICO market is a barrier to the continued growth of the global blockchain ecosystem and may even become a point of failure.

“GECKO aims to bring transparency, accountability, and reliability to the ICO market – facilitating its maturation into a scalable and secure industry in which to do business.”

The platform provider has also bought onboard Dan Viola, former Senior Compliance Examiner at the US Securities and Exchange Commission (SEC), as an advisor.

GECKO has also stated plans to undertake an Initial Coin Offering in the coming months. The tokens issued (GECKO) will be marketed and registered as a Security and will ‘underpin the platform’s key functionalities’.

They will be usable by ICO contributors, token issuers, banks and fund managers, legal providers, as well as third party contractors to access and pay for various services on the GECKO network.

GECKO Governance is a RegTech fund management regulatory solution that allows users to schedule, manage and monitor a large portfolio of investment fund’s regulatory & compliance requirements in real-time. Fund companies use GECKO to manage AML/KYC, Operational Due Diligence (ODD), Fund Launches and Investor On-Boarding. The RegTech offers a suite of integrated products to help improve its client’s operational efficiency, cost effectiveness and compliance security.

Last year, GECKO was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.

Copyright © 2018 RegTech Analyst

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