Funds raised will develop first-of-its-kind, affordable, backer identification through blockchain technology to ensure adherence with state regulations before ICO launch
Notakey (https://www.icopass.id/) has announced it will be launching a token sale for its ICO Pass product. Registration starts on 21st February and the week long token sale will commence on 28th 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.
Just under $5bn raised through ICOs in 2017, however almost all of those funds were raised without any oversight from a regulatory body. The ICO Pass product aims to provide the most accurate and fully automated customer due diligence tool. Using ICO Pass, ICO organizers will be certain that their funds will not be frozen due to not meeting AML regulation. Once verified investors will not need to undertake due diligence again as this information can be shared on the blockchain and ensure their assets won’t be frozen by regulatory authorities saving both time and resources.
Janis Graubins, Co-Founder, Notakey: 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.
The number of ICOs has increased seven-fold in 2017 compared to 2016 and could potentially do the same in 2018, however regulatory uncertainty, and the resulting shortage of qualified specialists, remains the main impediment to a compliant ICO fundraising industry. Notakey’s ICO Pass used for this fundraising provides a scalable product that automates the qualification process at a fraction of the cost, thereby making the addressable market of over $100bn much easier to access.