Stating that Cynopsis Solutions is already the largest provider of KYC services to blockchain and cryptocurrency based projects in Asia Pacific, the company has launched an initial coin offering (ICO) program via a subsidiary called traceto.io. This new entity seeks to expand its decentralized platform to meet increasingly strict regulatory compliance standards. The new company launched an initial coin offering (ICO) as the private sale kicked off last week. Traceto.io was recently announced as the first approved token listing on the Gibraltar Blockchain Exchange (GBX), a new exchange focused on seeking to pioneer higher standards and best practices for ICO projects.
The Singapore based firm says its existing portfolio of clients comprises an estimated USD $3 billion in contributions raised since 2017. With regulatory compliance standards becoming more stringent for cryptocurrency firms, Cynopsis believes the already sizeable market for KYC services in the sector is set to grow exponentially in the short-term. Traceto.io wants to capture much of that market growth.
The traceto.io team is described as representing over five decades of experience and expertise in compliance and Regtech. There is growing interest from traditional institutional and retail investors in the cryptocurrency sector and traceto.io says it will enable these crypto projects projects to establish and maintain the rigorous compliance processes that these regulators typically demand.
Traceto.io’s CEO, Chionh Chye Kit who is also the Managing Director and Co-Founder of Cynopsis Solutions, says they have already helped almost 200 crypto projects or blockchain based companies do KYC.
“We have also a very healthy pipeline of projects that we are speaking to on a daily basis.” says Chye Kit. “With more robust and strict regulations coming into play, our platform is ideally positioned to be the leading KYC provider for blockchain companies and initiatives globally.”
The traceto.io platform is designed to allow blockchain-based startups to more easily navigate compliance with rapidly changing regulatory frameworks globally. Trace is also intended to remove the repetitive nature of KYC that end users have to go through at the moment when they sign up with various cryptocurrency exchanges or ICOs.
Chye Kit says the new platform is a win-win for both sides of the market.
“We’ll help participants access crypto markets with greater confidence that they’re dealing with legitimate projects which are compliant with KYC requirements, and simultaneously help projects access critical contribution support and to be able to level up their KYC standards.”
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