Tokeny Partners with Identity Mind as Part of Its InvestID Solution

Tokeny Partners with Identity Mind as Part of Its InvestID Solution

Tokeny has just partnered with IdentityMind. The company will be offering its services to create KYC compliant solutions through Tokeny’s existing investorID platform. 

All STOs held on the Tokeny security token marketplace will here on out benefit from added security benefits.

The Tokeny marketplace has just partnered with California-based company IdentityMind to bring KYC-related clarity to its investor portal. Using investorID, all STOs with Tokeny’s own T-REX protocol will now be authenticated to prevent fraud.

InvestorID was actually first developed by Tokeny, but IdentityMind will be assisting with its implementation. The added steps for identity confirmation will be required for all future investors. Because some of STOs are restricted to accredited investors, IdentityMind will help to streamline this verification process.

IdentityMind was launched in 2013 to fight fraud and money laundering. They are based in Palo Alto, California.

Building Verifiable Trust

Both IdentityMind and Tokeny commented on the new partnership very positively.

Luc Falempin, CEO of Tokeny, said the following about the announcement:

“This partnership reflects the growing ecosystem of investorID, a not-for-profit application we recently launched. By joining the investorID ecosystem, these identity providers have the opportunity to work with issuers using the T-REX Ethereum standard.”

The Chief Products and Market Officer of Identity Mind, Jose Caldera, voice similar optimism.

“Trust is critical in maintaining the momentum of digital asset transactions…Since our founding we have helped companies identify the good guys – those they want to do business with, while avoiding the bad guys. Working together with Tokeny’s investorID standard, we bring these capabilities to investorID and with it, the required transparency, integrity and compliance.”

This past March, Tokeny announced a pilot program with Lition for a €20M syndicated loan. Last month, the security token marketplace held a popular STO for Blockport. 

Does the cryptocurrency space need more clear KYC procedures? Let us know your thoughts below. 

Image courtesy of IdentityMind.