ICOBox, the world’s premier SaaS solution for companies wishing to conduct their ICOs, has launched an innovative feature, ICOSID, which makes the entire ICO process much easier for both potential token holders and the ICOs which uses ICOBox’s book building platform. Until now token holders building ICO portfolios were required to go through KYC/AML procedures each time they bought tokens in an ICO of interest. As well as the sheer hassle for potential token holders and concerns about potential data leaks, this was naturally a time-consuming and costly exercise for the ICO projects themselves. Core blockchain benefits of speed and security were effectively being undermined.
This is no longer the case, however, thanks to yet another feature added to the ICOBox book building platform, ICOSID – a single user ID verification and authorization tool. Now token buyers only have to complete the Know Your Client (KYC) and Anti-Money Laundering (AML) procedures once. After the user’s identity has been verified, the individual no longer has to register each time for an ICO project using ICOBox book building platform. Whitelisted with ICOSID, users need just a single email and login ID to buy the tokens of different ICOs. Moreover, their new status enables them to jump the line and instantly access waiting lists for new ICO projects.
At the same time, whitelisted users can rest assured about security issues and not worry about potential cyber attacks. In line with ICOBox’s underlying cores values of prioritizing the confidentiality and safety of all its customers, the ICOSID feature uses encryption of personal data in a secure cloud, and only grants access with the explicit permission of the customer. Once registered, customer profiles will be tagged as “verified”, “verification in process” or “unverified”. Moreover, the data on customer profiles are always up to date, thanks to ICOSID’s links with hundreds of registered databases and data sources extracting information each time an ID verification request is received.
The security element is also important to ICO projects. A verified potential token buyer interested in their project is already compliant with the KYC/AML procedures in effect in 132 countries! So ICOs will no longer have to spend time and money on implementing the aforementioned compliance procedures and will be able instead to concentrate on offering the best quality of service to potential token buyers. As customers in general always expect the easiest possible purchasing process, it only makes sense for ICOs to use the ICOBox platform.
Commenting on ICOSID, ICOBox co-founder Nick Evdokimov noted: “We have always put the customer first and are constantly looking for ways to streamline the whole ICO process. We are delighted to be able to offer what we believe to be a truly one-stop platform for both potential token holders and ICO projects.”
While it would only be natural to expect full implementation of the new process to take time, once again ICOBox has defied the odds. Launched in late February 2018, completion of ICOSID mass integration is scheduled for mid-April, and resolution of all connection issues with third-party services is expected by the end of May.
Companies planning ICOs can find out more about the new revolutionary process at https://icosid.com/