Notakey, a provider of authentication and identification services for enterprises, is set to launch a token sale to fund the creation of an ICO compliance product.
As the number of ICOs continues to increase year-on-year, Notakey aims to build a product that improves transparency and accountability in the market as ICOs become increasingly regulated.
To do this, the company is launching a token sale, with registration for the week-long token starting on 21st February. The tokens sold will guarantee 7% of total revenue, estimated to be €3.36m in 2019 and the ICO will be the first to use Notakey’s ICO Pass product.
Notakey will use the funds to develop ‘first-of-its-kind, affordable, backer identification,’ with the platform using blockchain technology to ensure adherence with state regulations before ICO launch. The ICO Pass product aims to provide the most accurate and fully automated customer due diligence tool according to the company.
Notakey co-founder Janis Graubins said: “The explosion of ICOs in 2017 has seen blockchain technology companies enter the mainstream consciousness, however regulators and institutional investors continue to have concerns regarding compliance and accountability. Notakey’s ICO pass aims to provide the solution to regulatory concerns and enable broader and more diverse sources of funds to contribute to ICOs.”
Notakey claims the ICO Pass provides a scalable product that automates the qualification process at a fraction of the cost, thereby making the addressable market ICO market much easier to access.
Founded in 2015, Notakey was formed in response to the European Parliament’s revised Directive on Payment Services (PSD2) to provide solutions for banks authentication and identification procedures. To date, the company has received a grant from the EU Research and Innovation programme Horizon 2020 and raised over €200,000 from private investors.
Its suite of products includes video ID for user identification, transaction signing, 2-factor authentication for virtual private network, 2-factor authentication for Windows login, Single sign-on for apps, and digital signatures and document management. Notakey products are used by several blue-chip banks and financial service providers, counting the likes of UBS and Credit Suisse among its client roster.
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