iComply lands investment and launches beta

iComply Investor Services, a RegTech platform for digital finance and cryptocurrencies, has launched its public beta.

The announcement comes just days after iComply completed a seed funding round led by former Standard and Poor’s president Deven Sharma. Earlier this week, it announced that it raised a seven-figure number during the round, although it did not provide an exact figure.

iComply’s patent-pending software combines robust KYC, AML, blockchain forensics, source of funds reporting, secondary trade management (currently only deployed for Ethereum) and even registrar functions for equity tokens.

The software was developed so that security and utility tokens may monitor and document compliance, governance, and risk procedures while trading in real time. Its aim is to solve one of the ‘last major barriers’ between cryptocurrencies and institutional investors, and in particular, the ability for a token to prevent itself from going into the wallet of an unverified or illegal actor, according to CEO Matthew Unger.

“Tokenization of securities and other financial instruments holds incredible potential; however, security token platforms and initial coin offerings being used in practice are still riddled with issues. With no mechanism to ensure compliance, tokens on the secondary market become prime vehicles for sanctioned individuals, criminals, and known terrorists to launder millions,” he added.

Since announcing its first product in private beta, iComply’s said it has surpassed six-figure annual recurring revenue and recently brought on new talent its team, including former Thomson-Reuters Risk Intelligence Executive and former Head of World-Check, Greg Pinn.
The RegTech has bought in former CFTC official Jeff Bandman, former Nasdaq and Financial Industry Regulatory Authority (FINRA) executive Manny Alicandro, MIT fellow Praveen Mandal and attorney Thomas Linder as advisers.

iComply’s technology leverages blockchain and artificial intelligence for robust, secure, and immutable record keeping, reporting, and transaction monitoring. The company has released two products: iComplyICO and iComplyKYC.

iComplyICO uses iComply’s Prefacto technology to enable compliance and governance for the secondary trading of tokens on open and public blockchains and is technology agnostic—meaning that new blockchains, mesh networks, or centralized trading systems can be integrated securely. iComplyKYC is a KYC, AML and risk solution for decentralized finance and cryptocurrency applications.

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