iComply Wins Top Blockchain Solution for Enterprise and Government Applications, Surpasses Six-Figure ARR
VIENNA, Austria, May 29, 2018 /PRNewswire/ -- iComply Investor Services (iComply), a Canadian RegTech company offering the world's first automated compliance software for blockchain securities and cryptocurrencies, is announcing that the company was named the top blockchain solution at GovTech.Pioneers.
GovTech.Pioneers is Europe's leading event for politicians, public CIOs and other leaders of the $400 billion GovTech market. Of the over 350 startups from 65 countries and four continents that entered the competition, iComply was named the top blockchain solution.
"We are excited to receive this recognition from GovTech.Pioneers, it has helped us engage leading European states to demonstrate how decentralization can enable a more efficient market with higher standards of investor protection - even compared to traditional capital markets. The cryptocurrency, security token, and ICO markets have become notorious for scams and misinformation, our solutions are built to help regulators and investors separate the good from the rest," said Matthew Unger, CEO of iComply Investor Services.
iComply's first product, iComplyICO, is a regulatory software that uses Prefacto™ technology to apply real-time compliance and governance to the secondary trading of tokens on open public ledgers such as Ethereum.
"With Prefacto™, non-compliant trades can be denied or escalated to the ICO issuer's compliance team for manual review. This helps issuers make sound decisions based on quantified AML, risk, compliance, and governance standards. Once a trade is approved or rejected the issuer can be completely transparent with their regulator using the Compliance Ledger™," added Unger.
The company's second product, iComplyKYC was designed to bridge the gap between traditional finance and cryptocurrency markets by improving record keeping, transparency, and reporting capabilities. The term "KYC" is not standardized among service providers. Most ICO issuers and cryptocurrency exchanges today do not meet the requirements set by financial oversight agencies such as Fintrac, Fincen, European Commission or OFSE. Some of the largest KYC providers do no OFAC screening, and most only call a single national PEP list for the U.S. and do not meet all regulatory requirements.
Currently, iComply is the only compliance provider in the cryptocurrency market that offers both sanction limitations to token trading and comprehensive risk reporting on cryptocurrency wallets and source of funds.
iComply identified this gap as an opportunity to use blockchain technology to enhance the best practices of traditional sanction screening, anti-money laundering and anti-terrorist financing for the decentralized financial markets.
Since the company's first product release was announced by Bloomberg Law in February, iComply achieved six-figure ARR within its first month and has attracted senior compliance and regulatory officials to the team including Jeff Bandman and Manny Alicandro.
About iComply
iComply Investor Services Inc. (iComply) is a regulatory technology company focused on using blockchain and artificial intelligence to build a better capital market with robust, secure, and immutable record keeping, reporting, and transaction monitoring. The technology also interacts beyond blockchain and can be used by traditional and decentralized companies alike. iComply has released two products, both adding critical pieces of compliance infrastructure: iComplyICO and iComplyKYC. iComplyICO uses iComply's proprietary PrefactoTM technology which enables compliance and governance in the secondary trading of open and public blockchains and is technology agnostic—meaning that new blockchains, mesh networks, or centralized trading systems can be integrated securely. iComplyKYC is an industry leading KYC, AML, risk solution for decentralized finance and cryptocurrency applications. An integrated ecosystem, iComply's technology enables an efficient workflow and record keeping between investors, regulators, securities issuers, and capital markets service providers. Learn more: iComplyICO.com
Contact:
Brittany Whitmore
1-778-238-6096
[email protected]
SOURCE iComply Investor Services
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