ivyKoin is the first cryptocurrency with built-in Know Your Customer (KYC) and Anti-Money Laundering (AML) systems that aim to provide service to businesses and organizations by developing a cryptocurrency that is transparent, flexible, and scalable.
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With advisors such as Feroz Sanaulla and Josh Maher that have decades of experience in the finance and technology sectors working with multi-billion dollar conglomerates like Commonwealth Bank, Intel, Microsoft, Westpac, PayPal, Mastercard, and Viacom, the ivyKoin development team primarily seeks to serve large-scale businesses.
“ivyKoin is establishing the bridge between cryptocurrencies and today’s existing financial institutions,” said the team. “We see ivyKoin as an opportunity for banks and financial institutions to participate in the blockchain/cryptocurrency world while de-risking the anonymity that is normally associated with existing tokens and coins. The $400 Billion+ crypto market needs stability and structure and ivyKoin will allow for that to occur.”
Earlier this year, Starbucks chairman Howard Schultz stated that cryptocurrencies like Bitcoin have not been able to appeal to the mainstream as of yet due to the lack of adoption by retailers. While major retailers in regions like Japan and South Korea have started to integrate cryptocurrencies, the level of adoption of major digital currencies still remains low.
“I personally believe that there is going to be a one or a few legitimate trusted digital currencies off of the blockchain technology. And that legitimacy and trust in terms of its consumer application will have to be legitimized by a brand and a brick and mortar environment, where the consumer has trust and confidence in the company that is providing the transaction,” said Schultz.
In the long-term, with sufficient adoption and usage, ivyKoin could become the business-focused cryptocurrency Schultz mentioned, as it allows corporations to utilize digital currencies without the risks and legal issues involved in utilizing cryptocurrencies, namely KYC and AML policies. Usually, upon the discovery of fraudulent operations, companies have to rely on exchanges or wallets do utilize their customer information database to verify identities and match them with transactions.
On the ivyKoin network, the built-in KYC and AML system autonomously handles KYC and AML requests, enabling conglomerates, retailers, and organizations to integrate cryptocurrencies without the legal risks otherwise existent with current blockchain solutions.
“Whether you believe in cryptocurrencies or not, the market has grown too large to ignore. Some banks will be participating in this space to grow their deposits and income. Financial institutions will need to make a call on whether or not they want to be a part of it. ivyKoin’s hypothesis is that value of cryptocurrencies will continue to grow and banks who engage will have a significant competitive advantage over their peers and competitors,” added the ivyKoin team, emphasizing that the cryptocurrency market has grown to a point in which both businesses and governments can either choose to ignore and be isolated, or adapt and lead the industry.
ivyKoin created a Telegram channel in order to facilitate the ongoing cryptocurrency discussion with interested parties. With over 3,300 members to date, the channel is a great place to find common answers to questions and provides the ability to interact with ivyKoin admins. Recently launching a competition to be judged through the platform, ivyKoin has asked followers to compare it to other leading altcoins. The winner will receive a prize of 5,000 ivyKoin Tokens (current value US$500.00).
The competition is still open and the winner will be announced during the first week of April.
To participate in the competition and interact with the ivyKoin community, join the Telegram channel here: https://t.me/ivyKoinchat.