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 aims to alleviate the pain of KYC and to address the issue of self-sovereign identity through a blockchain-powered platform.
“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,” SelfKey founder Edmund Lowell said. “We are pleased to have Polymath among our list of partners who are building on SelfKey technology.”
“We think a paradigm shift is about to happen,” Polymath CEO Trevor Koverko said.
“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”