iComplyICO, a compliance platform that automates securities regulation for ICOs, has landed an undisclosed angel investment.
The investment came from Praveen Mandal, an MIT Connection Science Fellow and veteran of five successful formative stage startups. He previously co-founded Pipal Systems, which was late acquired by Riverstone Networks. His past also includes the emerging technologies group at SGI and Chargepoint.
iComplyICO is a regulatory technology platform that automates compliance procedures for initial coin offerings (ICOs), enabling them to be securely utilized as efficient financial instruments.
The platform streamlines legal and accounting processes, providing automated checks and balances throughout the issuance, purchase, and resale of encrypted digital share certificates. It claims that investors, accountants, lawyers, regulators, ICO issuers, and marketing firms can all benefit from an ecosystem that supports trust, democratisation, decentralisation, and integrity.
Mandal said, “iComplyICO will enable seamless token trading in the primary and secondary markets, this will be a key driving force for mainstream investors to jump into the space the join the current early adopter investors. The platform will be a foundational backend platform that will enable such token fluidity and give comfort to investors and regulators alike. Plus, the entrepreneur benefits because he/she has a larger pool of investors.”
iComplyICO was co-founded by Matthew Unger, previously the founding of Ascension Innovation Management, a company which helps clients manage and improve their process and systems through technology and innovation management.
“Many ICO teams have wasted a lot of time, money and energy attempting to hide from regulation by avoiding calling their offer a security,” Unger added. “Many lawyers have perpetrated this; for example, the recent Cardozo report mentions only the risks and ignores the benefits of raising capital with a compliant securities offering.”
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