As of mid-June 2019, Polymath has teamed-up with Blockpass to provide its users with a digital identification verification solution. The tool will be used by security token issuers utilizing the Polymath platform to verify and onboard investors in a compliant manner.
The Polymath and Blockpass Partnership for Investor Verification Explained
Polymath is a platform designed to allow for the easy issuance and management of security tokens.
A major part of that process involves the onboarding of investors.
Due to the strict regulations which security tokens are subject to, the identification and investor status of prospective investors need to be verified.
Now, Polymath users will be able to utilize a digital identity verification solution thanks to Blockpass. As a regtech and compliance platform, Blockpass utilizes both blockchain technology and smart contracts to digitally verify the identification of investors.
Blockpass is also in the process of creating an “ecosystem of pre-verified customers” for the seamless onboarding of investors in any regulated avenue.
Kevin North, Polymath CEO, said,
“We are very excited to announce our collaboration with Blockpass. This represents our continued efforts to provide Polymath issuers with access to best-in-class KYC solutions like Blockpass.”
Blockpass says the service they provide allows firms to implement the specific solutions they need through the use of an API.
According to Blockpass CEO Adam Vaziri,
“This partnership is the latest step we have taken to streamline the painstaking and cumbersome process of onboarding investors. There are many synergies between Polymath’s proposition and our own, in that we are both striving to create simplified and compliant solutions.”
Polymath has made numerous headlines as of late, including the announcement of a deal with Ethereum co-founder Charles Hoskinson to build a blockchain specifically designed for security tokens, collaboration with CrowdEngine, and a partnership with Arch Real Estate Holdings.
What do you think of Polymath teaming up with Blockpass for a KYC solution? Let us know what you think in the comments section below.
Image courtesy of Polymath.