KYC.Legal, a blockchain technology-based platform that serves to verify users, protect personal data, and prevent fraud, welcomes the addition of a highly esteemed adviser to their team - David Drake, a renowned investor and crowdfunding pioneer, agreed to join the team as its adviser. Mr. Drake, the Chairman of LDJ Capital, will lend to the project his substantial knowledge of the market and will advise the company on key issues of conducting a successful ICO, such as legal compliance, business development, and investor relations.
The team of KYC.Legal is currently developing a platform to simplify and speed up user identity verification process to meet various regulatory requirements, which in the USA are called Know Your Customer, or KYC. The project already has a functioning app for iOS and Android devices, through which users can self-verify their identity. The team is currently working on the app's second function, user verification by an independent agent, which will match users and agents located in the same area to verify the client's identity and documents on site.
"KYC and Anti Money Laundering (AML) compliance is an essential security issue for the banking and financial sector. Nevertheless, some in the industry consider it an unnecessary expenditure of time and money, which partly explains the frustrating inefficiency of the existing systems – consumers sometimes have to wait several days or even weeks for the process to complete," says David Drake. "The project team came up with a breakthrough solution which will revolutionize the market and offer great advantages both to the businesses that need to meet the KYC/AML requirements and to the consumers who want to have their identity verified to access various important services."
David Drake is a highly respected figure in both blockchain and financial industries. Because of his pioneering work in crowdfunding, he was invited to the White House Champions of Change ceremony. His financial media company, The Soho Loft Media Group, organized the first ever meeting with the Security and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to discuss the legal regulation of crowdfunding market. When President Barack Obama signed the "Jumpstart Our Business Startups" (JOBS) Act into law, David and other industry giants established the Crowdfunding Professional Association (CfPA) and the Crowdfund Intermediary Regulatory Advocates (CFIRA). For the past five years, these two national associations have been closely collaborating with the SEC and other market regulators to develop the legal framework for the industry.
"We are honored and excited that David decided to take us on," says Daniil Rausov, KYC.Legal Co-Founder. "We believe that we are building a timely product that will be in high demand - there are no alternative, convenient solutions out there right now. We are confident that by relying on David's deep understanding of all issues related to legal compliance and his thorough knowledge of the financial and banking sectors we will be able to issue a strong and versatile token, which will bring an important new service to the market and offer significant advantages to its holders."
The project is getting ready to launch its Initial Coin Offering (ICO), which will start on December 1, 2017, with the initial KYC token price set at $1 per token and the hard cap of $35 million.
More information can be found here.