ivyKoin – Banking intermediary for crypto owners

ivyKoin is a blockchain technology company with a solution to solve the anonymous nature of today’s cryptocurrencies so that the proceeds can be banked by existing financial institutions and banks. The company does this by embedding KYC (Know Your Customer) and KYT (Know Your Transaction) information into the utility token that is used to settle the transaction which allows the bank to use their own existing procedures to validate thecustomer and the purpose of the transaction.

ivyKoin’s Background

ivyKoin is building a blockchain-based cryptocurrency for business transactions: particularly those which exceed $10,000 and therefore require extensive verification in the international monetary system. ivyKoin wants to form a bridge between cryptocurrencies and the international payment system. ivyKoin users can voluntarily provide data points about the transaction to comply with Know Your Customer (KYC), Know Your Transaction (KYT) and Anti-Money Laundering (AML) laws.

ivyKoin uses data containers to store this data so banks can make a decision based on their own internal standards if a transaction is to be accepted. These data containers are crucial as they allow  for data points to be shared with financial institutions further validating the legitimacy of the transaction between parties.  Financial institutions are able to either move forward or decline using their own internal guidelines and rules..

Token Usage

The ivyKoin Private Network will consist of validation nodes sponsored by entities other than itself. The ivyKoin Private Network will be validated directly by financial institutions and intermediaries, who are independent, yet aligned. This will greatly reduce the likelihood of network spam, align incentives, and remove the need for block rewards that typically incentivize public blockchain networks. The ivyKoin Private Network is responsible for validating transactions.

If a user wants to bank crypto funds, he or she  would need to buy ivyKoin tokens in order to create the banking request using the ivyKoin network.

Token Distribution

  • 40% sold in token sales
  • 20% for management & advisory pool
  • 20% serves as a reserve
  • 10% growth pool: used to incentivize partners including financial institutions to test and adopt ivyKoin
  • 10% IvyKoin Hedging Treasury

ivyKoin’s Team

The ivyKoin team consists of many world-class team members, all with a track record of delivery. We  selected some key members to highlight:

Michael Beck is a business strategist and technologist with more than 20 years of experience, during which time he has served as the Lead Enterprise Architect for a Fortune 500 healthcare company, Head of Architecture and Development for a $16bn hedge fund, and Chief Technology Officer of a fund that returned +40% over three years on his technology platform.

He holds five patents related to rights management and information security, and has worked on business evaluations, audits, and due diligence on assets of more than 50 companies of varying sizes, having a transaction value of greater than $1bn.

Gary Fan is a banking executive who has held numerous roles including the Senior Vice President of Strategy and the Head of Consumer Lending for CTBC USA, a subsidiary of a larger $100 billion global bank located in Los Angeles, California.

Reporting to the CEO of CTBC, Gary is responsible for identifying opportunities to ensure profitable growth for the organization. Gary leads the execution of business initiatives through innovation, prioritization, resource deployment, and cost management.  These initiatives include: strategic banking partnerships, fintech, mergers and acquisitions, long-range planning, new market expansion and restructuring.  Gary has also previously managed the Legal, PMO, and General Affairs functions.

Competitors

Ripple is a comparable company that plays in the payments space. ivyKoin doesn’t see Ripple as a competitor as they believe there is more than enough room for both companies to exist. A few key differentiators:

1) ivyKoin has a utility token that is necessary as part of the transaction. Ripple’s XRP token is not.

2) ivyKoin’s solution of allowing cryptocurrencies to be transferred via a channel into banks via a fiat currency is fundamentally different to what Ripple is looking to achieve.

3) Ripple does not integrate KYC/KYT/AML in the core design as ivyKoin wants to embed this to break the barriers between cryptocurrency and the existing financial system.

4) Ripple uses a centralized system for transaction validation, where ivyKoin is using a decentralized system.

5) Ripple is a public coin, although its coin economics are not transparent; large, privately held reserves.

ivyKoin’s Roadmap

First half of 2018

  • Test Network live with smart contracts
  • KYC/KYT Transaction data containers
  • Establish partnerships with financial institutions
  • Make the ivyKoin public interface live
  • Start discussions with US Regulators

Second half of 2018

Pros

  • Ability to legitimize cryptocurrencies into today’s financial institutions (bridge the gap).
  • Financial institutions get access to data while using the ivyKoin data container, so they can determine if a transaction complies with KYC, KYT and AML laws allowing the bank to accept crypto deposits.

Cons

  • Users have to buy the ivyKoin token to be able to bank their crypto funds. It’s not possible to bank other crypto funds without using the ivyKoin token.

Conclusion

The data containers ivyKoin is developing are much needed to bridge the gap of banking crypto funds into your personal bank account. The anonymous nature of cryptocurrency makes it difficult for banks to validate these transactions as they can be involved in illegal activities. Entities who want to bank their funds can voluntary provide information on themselves and the transaction. ivyKoin will provide the banks with access to these data containers which store information on the user and transaction so the banks are now able to validate the transaction based on the offered data points. We look forward to the finished product as it has the ability to help millions of people bank their crypto funds.

Links:

Website

Telegram Group (2,700 member)

Whitepaper

Comments

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Jennie

Jennie is an entrepreneur and private investor in blockchain projects . She writes about the blockchain community in Canada, altcoin development and launching ICO's.