Digital Securities
Securitize iD to Bring New Efficiency to KYC Practices
Securitize ID
Just announced by Securitize, is a new solution built around KYC. The company is calling this service ‘Securitize iD’.
What this entails is the ability to assign an identification number for investors that have completed the KYC process through Securitize. This same identification number can then be used by companies which ‘recognize’ the process completed by Securitize, and use it in place of their own.
Sharing is Caring
While many solutions, developed by companies involved with digital securities, are solely self-serving in nature, Securitize has structured Securitize iD in a manner which will benefit everyone.
With KYC processes being a time consuming and expensive endeavour, the task can be daunting for many. Securitize provides the ability for these companies to use Securitize iD, in place of completing the process on their own.
Beyond simply cost saving, Securitize iD provides companies with the ability to save on time, as well. Securitize notes that traditional onboarding of investors can take as many as 26 days. This is a significant amount of time, borne of the tedious process involved. With Securitize iD, this work is already done – all a company needs to do is recognize an investor’s iD, representing their previously completed KYC check with Securitize, and they are off to the races.
Rivals
Securitize may be doing their best to corner the market surrounding identification services within digital securities, they are however not the only company to offer such services. The following are examples of efforts put forth by rivals in the recent past.
Vertalo and InvestReady to Address Verification / Accreditation
Tokeny Upgrades investorID with ONCHAINID
AmaZix turns to KABN for Identification Services
Real-World Solutions
While not every service developed and released will be a game-changer, Securitize has made a habit of developing real-world solutions; Solutions that do not require one to be tech-savvy, but rely on simplicity as an appeal. Cumulatively, the capabilities afforded through these releases stand to push the digital securitizes sector forward – for, not just themselves, but all industry participants.
Another example of a service which industry participants can benefit from is the recent announcement pertaining to ‘Atomic Swaps’.
Securitize Utilizes ‘Atomic Swaps’ to Facilitate P2P Trading of Digital Securities
Commentary
Upon announcing this new service, Securitize touched on why it is an important one. The following is what they had to say on the matter,
“Securitize iD sets yet another milestone in Securitize’s mission to increase liquidity for assets that have traditionally been illiquid. Private markets are already illiquid by nature, and the demanding KYC requirements may slow the ability to participate in these markets. Whenever trying to liquidate a position, all the back and forth needed for a transaction slows down the process, the immediate corollary being that fewer transactions are carried out in the end. Compliance is a top priority at Securitize and we remain diligent when complying with the letter of the law. We believe there are many advantages for participants in the capital markets to using Securitize iD.”
Securitize
Founded in 2017. Securitize is based in the United States. The team behind Securitize continues to develop solutions meant to serve the digital securities sector. These solutions have allowed this young company to stand out as an industry leader, thus far.
CEO, Carlos Domingo, currently oversees company operations.
In Other News
Perhaps the reason that Securitize has been able to continually develop and release useful solutions, such as Securitize iD, is because of the successful funding rounds the company has completed. In doing so, they have given themselves the runway, and flexibility, to continue marching forward in trying times. We took a look at the company’s most recent, notable, investment in the following article, by none other than Sony.
