[Switzerland] Polimec, a decentralized funding protocol developed on Polkadot, and Deloitte Switzerland are joining forces to issue reusable KYC (Know Your Customer) credentials enabling access to global fundraising of digital assets.
Banking grade standard KYC credentials, issued by Deloitte, streamline the process of participating in early-stage fundraising on Polimec. The credentials are anchored on the KILT blockchain, providing an additional level of regulatory compliance, security, and data privacy.
Users share their KYC documentation exclusively with Deloitte, a company trusted by the largest multinational enterprises and governments worldwide. Deloitte Managed Services then provides KYC credentials in Web3, an evolved version of the internet that incorporates blockchain technologies and decentralized systems. These Deloitte KYC credentials present a more efficient and secure alternative to traditional KYC methods, which typically involve significant time and resources to confirm the identities of customers.
"We are proud to share the result of the last nine months that we’ve been working together with Deloitte. This enables us to take a step closer to a vision of Web3, where everyone controls their own data, identity, and destiny - and with Polimec they can own parts of the most exciting Web3 projects from the very earliest fundraises. This collaboration will bring additional funding possibilities to the Polkadot ecosystem and lead the way to a more decentralized community-focused Web3, while also satisfying regulatory criteria", said Kasper Mai Jørgensen, Co-Founder of Polimec.
Credentials will be available for natural persons as well as for legal entities in consideration of their respective needs:
Issuers: The credentials serve as authenticity certificates of the legal entity raising funds, instilling trust and accountability in funding rounds.
Participants: The credentials allow access to Polimec and enable the categorization into retail, professional, and institutional.
With the introduction of reusable KYC credentials, Polimec revolutionizes fundraising practices by creating a compliant and transparent fundraising environment with the goal of ensuring data ownership for all stakeholders. Now each credential holder gets to choose who holds their data and decide what data to share with whom.
Issuers are able to offer contribution tokens to individuals/entities that have been appropriately certified by using the required KYC/AML (Anti Money Laundering) standards, reducing their risk of fraud and ensuring a more secure, more compliant and pseudonymous investing environment. This enables the customization of funding round criteria such as jurisdiction and participant types and provides access for investors based on criteria specified by the issuer.
Participants no longer need to share KYC/AML documentation with multiple intermediaries and issuers to be compliant. Their sensitive documentation is shared with Deloitte exclusively; they save time and reduce the risk of potential data breaches and identity theft. Participants are also assured of project legitimacy due to the issuer and the founders obtaining KYC credentials.
The result is a fast, accessible, privacy-preserving, and compliant authentication experience.
“After announcing our partnership with KILT Protocol at the Decentralized conference in Lugano, we are proud to announce our first use case,” said Micha Bitterli, Head of Deloitte Managed Services. “With this first of many expected use cases, we demonstrate that we are not only talking about potential projects but executing on our promise. Together with the Web3 community joining us as either a user or as a use case for our solution, we want to enable blockchain technology to move toward a compliant DeFi environment.”
The KILT infrastructure ensures that KYC credentials can be verified at any time. That verification is documented on the Polimec blockchain, ensuring that all transactions and network participants can be processed in a regulatory-compliant, transparent, and secure manner while preserving data privacy. As a result, Polimec is able to create a secure and regulatory compliant fundraising environment for all involved stakeholders.
”I’m thrilled to see Polimec evolve into a fully-fledged decentralized funding mechanism. This is due to the fantastic and dedicated team at the Polimec Foundation. Together with the Polimec and Deloitte teams, we have created a seamless entry point for new teams to join the Polkadot ecosystem”, said Ingo Rübe, Founder of KILT Protocol.
The Polkadot ecosystem exemplifies effective collaboration between Protocols and Enterprises, establishing a streamlined workflow through interoperability and shared security. This synergy fosters innovation, yielding products that enhance user experience and community value. While KILT Protocol and the Polimec fundraising protocol undertake extensive tech operations and XCM (Cross-Consensus Message) transactions, complexities are rendered user-friendly. This simplicity catalyzes Web3 adoption, facilitating accessible, compliant, and decentralized products.
Polimec will go live as a Polkadot parachain in late 2023, after which the first projects will be supported in reaching their fundraising goals, enabling them to focus on building new and exciting technology for Web3. Everyone in the ecosystem will be able to participate via Polimec.
