KYC.Legal, a blockchain-based service to help verify users and prevent fraud, has raised $27.9m in its ICO.
Having sold 42 million tokens to date, the company is currently selling 1 KYC token at a price of $2.50, and is aiming to raise $35m through the offering.
The company’s service verify users and claims to help prevent fraud. By using blockchain, it acts as a tool for protecting and validating personal data of Internet users.
For the user, it claims personal information is protected by encryption and biometric data, and the data is hosted on user’s device. The user is able to choose information provided to service and document verification with digital sign.
For services, it provides reliable information on users, stops fake or duplicated user profiles, and creates an ecosystem for customer and service interaction, all whilst being KYC (Know Your Customer) compliant.
The company’s portfolio already includes ICO Box, Dogezer, Qurrex and Rewards.
KYC.Legal was founded by Daniil Rausov and Sergei Bekrenev. Rausov is a serial entrepreneur of successful B2C IT-solutions. Bekrenev is the founder of the largest legal company in Eastern Europe “European Legal Service”, which provides remote consulting.
Last year, the Global RegTech report found that nearly half of all companies in the sector address AML or KYC regulation. The technology solutions offered by RegTech companies are directly related to regulatory issues or challenges faced by financial institutions.
Given the increasingly complex requirements placed by regulatory authorities on AML and KYC procedures, along with the heavy fines imposed for inadequate compliance, it is no surprise that a majority of RegTech solutions address these particular areas of legislation. In found that 94 companies in the sector were addressing.
An analysis of the capital invested in RegTech companies according to the area of regulation addressed by their solutions reveals which pieces of legislation appear to be causing the most problems within financial institutions and are thereby deemed to offer the most attractive opportunities for investors. Since 2012, 23.1% of all RegTech investments, which amounts to $878m, can be attributed to investments in KYC solutions.
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