KYC.LEGAL is a personal identity verification platform powered by blockchain technology, the company provides KYC solutions for crypto exchanges, ICOs, banks, funds etc.
The KYC.LEGAL project has announced the approaching initial coin offering (ICO) of its tokens. The project team is creating a platform that simplifies and speeds up confirmation of users’ identities for compliance with a number of statutory requirements, including verifying the identity and age of the client. In the United States, this requirement is called Know Your Customer or KYC. The project already has a developed and ready-to-use app for iOS and Android devices. At present users can only use the self-verification function, but in the near future the agent verification function, where a company agent comes to the client and verifies all the required documentation then and there, will be launched.
“Today, many companies from all different lines of business, from banks to pharmacies, from tobacco kiosks to insurance agents, must follow KYC requirements,” says project founder Daniil Rausov. “But this is not always easy. To do so, clients usually have to go somewhere and show their documents. In some cases, they have to wait days or even weeks for this process to be completed. Ours is a simple, but we believe very effective idea. Using our application, KYC token holders who wish to undergo the verification procedure will be automatically matched with a KYC.LEGAL agent working in their area, who will come to a place convenient for the client in a matter of minutes and check the documents. Then we will do the rest,” he explains.
The company plans to work with various specialized agencies and databases to check and verify a client’s identity. According to Mr. Rausov, agents will also be carefully screened before they can start working. Going forward, a client who has successfully completed the verification procedure will be able to register for any services that require verification by simply providing the information necessary for each individual service. The interaction between the client and the agent is similar to how Uber works, where an agent for the client is automatically matched by the application, based on their location. The agent will also receive the fee for his or her services using the application.
“We’ve all seen how difficult it is to quickly obtain the necessary verification,” comments Nick Evdokimov, the company’s Strategy Director. “The speed at which the cryptocurrency market is developing is incredible and is bringing many new services with it to the market that require potential clients to go through KYC procedures. The product that we plan to bring to the market is equally advantageous for both clients and companies. For clients, to receive access to the desired goods and services, and for companies, to attract new clients. However, only holders of our tokens will be able to take advantage of the capabilities of the platform. In addition to the extensive features of the platform, they will also be eligible for various types of incentives. We are sure that KYC.LEGAL will offer the market a timely product that is in high demand,” concluded Mr. Evdokimov.