Bermuda’s first regulated STO, tribeOS, is using KYC-Chain technology to onboard investors
SelfKey and KYC-Chain (Founder of the SelfKey Foundation) have been building regtech solutions for years to empower financial institutions, exchanges, fintech startups and token sales, among others, to conduct rigorous yet streamlined due diligence on all of their customers while also allowing consumers to easily and quickly complete their KYC onboarding process.
Because of recent crypto market developments, specifically the trend towards security token offerings (STOs), we are happy to announce our business relationship with tribeOS.
tribeOS is launching FIRE, the very first Security Token Offering approved by the Bermuda Minister of Finance under the recently enacted ICO Act. tribeOS will use our compliance software to conduct KYC/AML and investor qualification checks on their investors.
tribeOS is developing a digital advertising marketplace that uses distributed ledger technology to provide a new level of transparency for digital advertisers and finally protect people from ad fraud.
The company aims to empower entrepreneurs and corporations to achieve a significantly higher return on ad spend from digital advertising programs while protecting their precious campaign budgets from rampant fraud. tribeOS will cost-effectively solve the ad fraud problem via a comprehensive suite of breakthrough software tools.
Using SelfKey & KYC-Chain technology, tribeOS will be able to perform investor accreditation checks and a risk based KYC to make sure that they are compliant with the Securities and KYC/AML laws of the jurisdictions where the FIRE issuance is taking place.
Securities issuances and, in general, capital markets, are some of the most intensively regulated spaces and issuers and brokers are subject to strict compliance regulations.
Our highly customizable and easy-to-use KYC application provides capital market participants with the tools to meet compliance and investor qualification requirements.
For instance, image integrity and visual authenticity tools allow issuers to verify the identity of the investor using 20+ points for ID validation and advanced facial biometric matching.
Furthermore, through OCR (Optical Character Recognition) our software extracts identity data from scanned identity documents and screens this data against various sanctions and PEP lists such as those from OFAC, the EU and the UN.
We have also integrated tools for Institutional Investors Accreditation checks that cover investor checks across all regions — a critical component for security token offerings.
For corporate investors, our software has a dynamic corporate onboarding workflow where all shareholders, directors and ultimate beneficial owners can easily go through KYC. We also provide an integration with company registry databases, which verifies business registration number, the incorporation date, activity status, the director list and more.
Relying parties enjoy these features with a quick and hassle-free implementation with no time-to-market impact.
In addition, at SelfKey, we are exploring the possibility of integrating our digital identity solution for cross-platform securities secondary trading. Stay tuned.
To conclude, we are highly proud to be the KYC provider of tribeOS, the first fully-regulated STO in Bermuda.
About SelfKey
SelfKey is a leading identity management system that aims to return ownership over personal data back to the individual. To achieve this, SelfKey is building a rich identity ecosystem comprising the SelfKey Wallet, the Marketplace, Login with SelfKey and the KEY token.
About KYC-Chain
KYC-Chain provides state of the art compliance solutions for businesses of all sizes. Since 2016, KYC-Chain has helped service providers process over 500,000 KYC applications in a cost-effective way. To learn more, please book a demo.
About tribeOS
tribeOS, is a blockchain-based digital advertising marketplace designed to help advertisers and publishers run secure, ad fraud-free campaigns online via a fully transparent platform. The tribeOS mission: create the fairest, most transparent, most profitable digital advertising marketplace in the world by ending ad fraud, decentralizing authority, increasing accountability, and ease-of-use for advertisers and publishers.
