ICOBox’s new ICOSID feature will streamline the KYC/AML process for ICOs who use ICOBox’s services. The ICOSID feature consolidates the user verification and ID process and is fully compliant with Know Your Customer (KYC) and Anti-Money Laundering (AML) legal requirements in 132 countries. What this means is token enthusiasts no longer have to undergo the redundant KYC/AML process every time they want to acquire tokens from a new ICO. This will also save time and money for ICO projects, which until now had to devote critical resources to this process during their ICO.
This new ICOSID feature of ICOBox’s book building platform essentially creates a single email and password login ID for the user. After completing the KYC/AML process once, the user will be ‘Whitelisted’ on the ICOBox platform with their individual ICOSID. The user will then be able to buy tokens from or gain instant access to the waiting list for any ICO using ICOBox’s book building platform.
ICO projects using ICOBox’s book building platform to conduct their ICOs can now rest assured that platform users with the ICOSID are KYC/AML compliant. ICOSID has distinct benefits for ICOBox clients: the impact of costly resource dedication to the KYC/AML process is virtually eliminated, and the one-time ICOSID registration process will make the ICOBox platform attractive to a larger pool of token buyers and enthusiasts - thereby bringing more potential exposure to the project and increasing the loyalty of potential customers.
No effort has been spared to address the complex issue of security. The ICOSID process was created with the motto, security above all. All of the user’s personal data is first encrypted and only accessed with the express consent of the user. User profiles on the platform will furthermore be tagged as “verified”, “verification in process” or “unverified”. These verification statuses will be continually updated each time an ID verification request is received. This will be facilitated by ICOSID’s link to a wide range of high-security, access-controlled data centers that will cross-check the verification requests.
The KYC/AML pre-screening service is a win-win for everyone involved in the ICO process. For the token enthusiasts, a secure and easy user interface is provided through ICOBox platform - thus leaving the ICO project free to focus on developing a better and effective product or service. Commenting on the recent release of ICOSID, ICOBox co-founder Nick Evdokimov added that,
“we have constantly been looking for ways to streamline the ICO process for our clients. Through ICOSID, we are able to offer what we feel to be an all-in-one platform for both ICO projects and token enthusiasts. With this tool, we can get back focusing on what blockchain has come to represent – innovation, efficiency, and security.”
The full implementation of ICOSID is currently priority one at ICOBox, with a six-week roll-out timeframe. Legal and accredited investor checks are currently underway, and mass integration of ICOSID will be operational by mid-April. Complete and full integration, after the resolution of all connectivity issues with third-party services, is expected by the end of May.
ICOBox has a team of over 100 professionals who offer marketing, legal, and technology support for ICOs. They have helped over 30 blockchain companies collect over $300 million in the past year alone.
Interested in more about what ICOSID has to offer ICO projects and token enthusiasts? Find out more at icosid.com.
This article appeared first on Cryptovest
