The messaging application and service Telegram has launched a KYC (Know Your Customer) process specifically designed for Initial Coin Offerings (ICOs).
The new feature, called Passport, gives users the ability to store copies of their IDs in the cloud. They can then share their identification documents with other apps and services whenever needed.
Telegram describes it as a ‘unified authorisation method’ financial services and other industries can use to verify identify, so the user doesn’t need to upload photos of your passport or driver’s license again and again.
Passport will be used by those users that want to have a fast registering procedure during ICOs that require important information to start the funding process.
It claims the data uploaded to the Passport will be secured by end-to-end encryption and protected against hacks or any other malicious attacks.
The company said in the press release: “Your identity documents and personal data will be stored in the Telegram cloud using End-to-End Encryption. It is encrypted with a password that only you know, so Telegram has no access to the data you store in your Telegram passport. When you share data, it goes directly to the recipient.”
At the moment, Telegram Passport works with the ePayments.com system, an electronic service that supports registration and verification with Telegram Passport. The company has also invited developers to integrate Telegram Passport into their applications and services free of charge.
Earlier this year, IdentityMind Global, a fraud prevention & risk management platform, launched a new regulatory compliance solution for initial coin offerings (ICOs). The turnkey SaaS solution enables companies to perform required KYC and anti-money laundering (AML) checks on ICO participants.
RegTech 100 company Jumio, a digital identity verification provider, also recently teamed up with smart cryptocurrency payments platform Byteball. The partnership will support the company in optimising know Your Customer (KYC) processes for users taking part in Initial Coin Offerings (ICOs).
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
