As the blockchain industry faces more regulation from countries around the world, the interest in identity solutions has increased, which has given rise to regulation technologies, or regtechs. One of the most common services for blockchain projects to authenticate the identities of its users is a “Know Your Customer” (KYC) procedure.
Blockpass has developed a universal KYC solution which combines both regtech and blockchain that may be implemented in any blockchain network or utilized by the end-user. The application is designed to meet general regulation frameworks such as anti-money laundering, and compliance with the General Data Protection Regulation.
Professional KYC Platform for Businesses and Users
Blockpass has already been released as a fully functional app for iOS and Android, allowing users to verify, store, and manage their identities. Blockpass leverages decentralized data storage, and user data is kept only offline, on the user’s device.
Blockchain services also have the opportunity to set up Blockpass as their identity verification procedure rather than spend money to develop their own KYC software and personal data storage. All service providers that use Blockpass’ identity solution are listed in the user’s app.
Service providers may require additional information from user with the help of certificates. When a customer meets certain requirements, they can receive a certificate in their Blockpass profile, reviewing it beforehand.
First “KYC token” Distribution
Blockpass has started distributing its own PASS token, calling it “the first KYC token”. The PASS token is the utility for the platform, but also aims at expanding the network of Blockpass users. When a user receives the token, they will need to download the app and complete KYC with Blockpass before transferring it.
To distribute PASS token properly, Blockpass has collaborated with key distributors to list PASS on that platform, including BlockEx, CoreMatrix and Blockrise with more to be announced soon.
The Initial Token Distribution Event (TDE) is open from May 31 to November 30, 2018.
The PASS Airdrop
Blockpass recently announced it will hold an Airdrop of two million PASS tokens in the lead up to key exchange listings on 31 July. The airdrop is being implemented through Blockpass’ joint venture partner Infinito Wallet. Infinito will have an airdrop link on the wallet dashboard on 12 July.
Infinito Wallet natively supports the PASS token along with other tokens of Ethereum ERC-20 and NEO NEP-5 standards and leading cryptocurrencies.
PASS Token Listing on Exchanges
The project does not stop there, as recently Blockpass has confirmed the PASS token will be listed on Lykke, HitBTC and GateCoin cryptoassets exchanges.
HitBTC is among the largest crypto exchanges in the world. It has more than $200 million daily volume of trade and currently lists more than 600 different coins with Bitcoin, Bitcoin Cash and Ethereum being the largest. The exchange “has earned its reputation for fault-tolerance, flawless uptime and high availability”, Blockpass team notes.
Lykke is known for leveraging technology of “colored coins”, issuer-backed securities on the Bitcoin blockchain. It also does not charge users except for those who use its API.
Founded in 2013 by investment bankers, Gatecoin has been an early supporter of Bitcoin inspired technologies, as the first exchange in the world to list Ethereum’s token in August 2015. They were also the first exchange to list ERC-20 standard tokens associated with decentralized applications built on Ethereum and an early exchange participant in initial token offerings.
“Listing PASS on these three well-known exchanges is a big step for Blockpass, as we enter this exciting phase of our Token Distribution Event”, said Adam Vaziri, CEO of Blockpass. “These tokens enable us to offer a shared regulatory and verification economy to regulated business and are crucial in bringing that goal to life”.
Other major partners of Blockpass are investment platform BnkToTheFuture, verification service AgeChecked, and initial coin offering (ICO) platform Holdex. The company has also established a “world-first” advanced blockchain identity research laboratory, the Blockpass Identity Lab, in collaboration with Edinburgh Napier University.