iComplyICO, a compliance platform that automates securities regulation for ICOs, has landed more investment.
It has collected an angel investment from Conrad Whelan, a member of the founding team of Uber, according to a post on its website. The company said in the statement, “Whelan’s dedication to innovation aligns seamlessly with our values of trust, integrity, and compliance, and we are pleased to have him on our team.â€
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.
Last year, iComplyICO picked up an investment from Praveen Mandal, an MIT Connection Science Fellow and veteran of five successful formative stage startups. The company’s investment comes as ICOs face increasing scrutiny from regulators. The US Securities Exchange Commission recently warned that many ICOs may ultimately be classified as securities and has already taken action against several firms for ‘fraudulent behaviour’.
Earlier this month, the SEC put the brakes on an initial coin offering (ICO) that was seeking to raise up to $1bn to develop ‘‎the world’s first decentralized bank’. The regulator also recently filed charges against two organisers of a $15m ICO.
Velix.ID, which is using blockchain to enable frictionless identity verification, recently postponed its token sale due to security concerns. Earlier this week, Harbor, a San Francisco-based company looking to use blockchain to power crypto-securities compliance, has raised $10m.
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