Based in Dublin with global reach, Blocknubie, the ecosystem for blockchain startups, partners with global KYC/AML service provider Sum&Substance, to ensure that Blocknubie and its community always remain in compliance with current KYC/AML legal requirements on all levels.
The arrangement will provide Blocknubie with the KYC/AML for the contributors for its Private Pre Sale which has just concluded. Blocknubie’s Private Pre Sale successfully attracted €5million from contributors from around the world.
Sum&Substance will also be retained to conduct the same KYC/AML processes for the next two funding rounds to be undertaken by Blocknubie.
Sum&Substance's SaaS KYC/AML solution provides consumers the ability to verify their identity by holding an ID in front of a camera. Sum&Substance is the current market leader in the online verification and KYC/AML industry in Central and Eastern Europe, as well as Asia. It was founded in 2015 by an international group of specialists in machine learning, business process automation, and compliance. All applications are sent through encrypted channels to a Tier 3 data center, ensuring a very high level of protection. The company develops solutions for remote verification of documents and users, such as automatic recognition of the pictures those have been edited.
In order to confirm identity during registration, the user simply needs to send a digital copy of identification and registration documents along with a selfie which captures the documents in the frame. The system recognizes the information from the image on its own, checks the documents for validity, and compares the face of the user in the photo with the face in the document in order to confirm that the user performing the registration is truly the same person as the one in the document.
“Having seen Blocknubie's goal of providing a best-in-class service for KYC/AML checks and compliance, it was obvious that our companies shared the same vision of providing a secure, instant and accurate verification process,” tells Andrey Severyukhin, CEO Sum&Substance. “Blocknubie is the high-quality partner that aims to legally, financially, and reputationally protect its community with the solution which complies with all financial institution regulations and directives.”
Blocknubie is a startup platform and marketplace that acts as a bridge between off-chain organizations, startups and the Blockchain ecosystem. The Blocknubie platform guides Blockchain startups towards setting up business quickly and effectively, complemented with a number of DApps to enhance their success, structure and speed.
Blocknubie will focus on meeting the full range of Blockchain entrepreneurial needs including democratisation of access to capital, entrepreneurship education, networking opportunities, as well as building an environment that supports investment in Blockchain startups and enterprise.
“It is very important for Blocknubie to ensure that we follow best practice across all our endeavours,’ says Loughline Nestor, CEO of Blocknubie. “This is a largely unregulated sector so by partnering with Sum & Standard we are looking to provide best in class ICO onboarding and KYC/AML procedures.”