The regulatory compliance standards in the world of cryptocurrency is becoming increasingly strident and rigorous which makes for growth in the market of KYC services. Traceto.io is leading the growth in the market of KYC services with its ICO (Initial Coin Offering) project.
The wrong belief of the cryptosphere
Despite the meteoric and groundbreaking rise of pseudo-anonymous cryptocurrencies in 2017, the adoption and implementation of KYC processes are inconsistent and insufficient. There is an erroneous belief that due to the anonymity nature of cryptocurrency, it would be a waste to invest in KYC processes. Also, another factor that can be attributed is the lack of skilled and experienced professionals to execute KYC services.
As a result of these beliefs which only furthers the use of cryptocurrency to violate AML (anti-money laundering) and CTF (counter-terrorism financing) regulations, Traceto.io came up with its KYC Framework and Traceto Network. Traceto has an agenda to prove that these beliefs are wrong and also provides KYC services that would boost regulatory compliance.
Provision of KYC to blockchain companies
Traceto.io is powered by Cynopsis Solutions which is the dominant provider of Know-Your-Customer (KYC) services to blockchain based companies in Asia with over five decades combined competence in the industry of RegTech, FinTech and Blockchain. The official launch of Traceto ICO launch would enhance its status and enable the realization of its vision to become the biggest KYC provider in the world. It has over 450 clients with a portfolio that is estimated to be around USD 3 billion.
In the past ten years, misconducts and violations regarding AML and CTF have cost the banking and finance industry around USD 321 billion. The Traceto.io project will enable start-ups in the cryptocurrency market to conveniently navigate compliance with regulatory measures globally with ease and confidence. It will be a win-win project for both customers and business owners as it would enable customers to come on board with businesses and exchange their information with more confidence as they are guaranteed of its legitimacy and also without having to go through conventional repetitive KYC processes.
Traceto know your client(KYC) network
The Traceto is a decentralized network that provides the ultimate KYC solution to cryptocurrencies. In light of the ongoing struggles on the adoption of KYC processes, the network is built around the Traceto Framework to ensure that companies based on digital and ‘virtual’ currencies would be able to satisfy ‘real’ world regulations adequately. This network will be the first “real-world” KYC solution that balances the virtual world and also provide regulatory bodies with verifiable processes.
- Fusion of artificial intelligence (AI) with smart contracts to further enhance regulatory compliance
- Continuous investigations of clients’ finances to ensure that the customers are who they said they were.
- Superb founding team and advisors with over five decades of experience in compliance related services
- Excellent Protection against Anti Money Laundering and Counter-Terrorism Financing
How does the network operate?
Blockchain technology is applied to this network to guarantee the lack of intermediaries or third parties that would interfere with the process of the KYC services being rendered. The blockchain technology ensures that the control, management, and ownership of KYC processes belong to the network. There are three categories of people on the Traceto.io network, and they are corporate requesters, users, and verifiers.
Corporate requesters refer to ICOs, crypto companies/businesses, exchanges that require the KYC services rendered by the Network. To be able to access the users who have gone through the KYC process through the user public key, a membership smart contract is required.
Users are individuals who are on the Network through uploading their PII (Personally Identifiable Information) and passing of liveliness and screening tests. A user of this network who wants to join an exchange or an ICO will be transferred to the Traceto.io decentralized application wherein documents can be uploaded, encrypted and stored. The created profile can then be shared with Traceto KYC provider and A.I algorithms for continuous monitoring of transactions.
Verifiers are trusted users who stake some Traceto token (T2T)so as to acquire opportunities where they can earn more tokens through carrying out KYC related jobs. These set of people go through more rigorous background checks and screening because they also function as Users’ data guardians.
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