Polymath and SelfKey Bring KYC & Digital Identity Services to Security Token Market
NEW YORK, NY – January 24, 2018 – Polymath Inc., the first-ever securities token platform, is announcing today a partnership with SelfKey, a self-sovereign digital identity platform. The alliance means SelfKey’s technology will be available to issuers of securities tokens, and investors, to satisfy their Know Your Customer (KYC) requirements at the time of Polymath’s network launch in 2018. Polymath seeks to do for securities issuances what Ethereum did for decentralized applications by enabling financial institutions, funds, and companies to issue securities on the blockchain with confidence. The network makes the securities market more accessible and secure than traditional forms of asset ownership.
SelfKey seeks to alleviate the pain of KYC and to address the issue of self-sovereign identity through a blockchain-powered platform.
SelfKey Founder Edmund Lowell said, “SelfKey technology makes it simple and easy to do KYC in a decentralized manner and puts the user in full ownership and control of their identity data, something called Self-Sovereign Identity. We are pleased to have Polymath among our list of partners who are building on SelfKey technology.”
Polymath CEO Trevor Koverko said, “We think a paradigm shift is about to happen. Projects will need to know what exactly their intention is: do they want to be a utility token or a security token? Then, they will need to follow applicable rules and regulations. The world should be excited about the implication of securities tokens. If just one sovereign wealth fund or global private equity firm were to tokenize its holdings, the value held on blockchain might increase by an order of magnitude when compared to the existing utility token market.”
“Working with a project like SelfKey is paramount to achieving our goals. Our mission is to guide companies through every step of a securities token launch. One of the steps, and a key focal area for us, is KYC. We are thrilled to be working SelfKey so that our KYC verification process is seamless and efficient,” Koverko concluded.
The SelfKey platform was developed from founder Edmund Lowell’s desire to reduce the pain of KYC and to address the issue of self-sovereign identity. Previously, he started a corporate secretarial firm setting up legal entities and learned the intricacies and pain of KYC. From there, he authored a whitepaper on the concept of blockchain-based KYC in 2014 and started building.
Now backed by a team of over 65 individuals, SelfKey is a blockchain-based digital identity system that puts individuals and companies in control of their personal data and their crypto through the SelfKey wallet and instant access to a broad range of products and services and SelfKey Marketplace, such as citizenship and residency by investment, company incorporation, bank accounts, fintech products, token sales, and cryptocurrency exchanges, among others. For more information about SelfKey and their mission, visit https://selfkey.org/ or join the SelfKey Telegram community at https://t.me/selfkeyfoundation
Polymath Inc. (“Polymath”) aims to be the industry first security token launch pad and disrupt the multi-trillion dollar securities industry by creating an open platform that gives global businesses access to the blockchain, smart contracts and token creation technology. The platform helps to form the basis of security tokens. Polymath’s mission is to become the open-source standard for launching securities tokens.
You can find out more about Polymath at https://polymath.network/