Telegram Introduces New KYC Passport for ICOs

Telegram Introduces New KYC Passport for ICOs

The team at Telegram have just announced the creation of its new Telegram Passport service, designed to facilitate access to real-world IDs for ICOs.

The news could spell a profound change in current KYC procedures for ICOs which have largely been considered a pain point for token sale participants.

With its new “unified authorization method for services that require personal identification,” the Telegram messenger app arguably looks set to become the single go-to service for KYC/AML identity verification. Currently, investors are obliged to sign up individually to each ICO which implements KYC compliancy.

End-to-End Encryption

Whilst user documents will be stored in the cloud, Telegram claims that those documents will remain safe from interference from outside parties – including Telegram itself – through the use of user password-generated encryption.

Its API services have now been extended to allow any third-party platform – such as ICO websites – to access Telegram users’ identity documents upon user approval.

In a move that has likely been designed to stave off further criticism in relation to its centralised architectural model, the Telegram team has also stated that its new passport service will eventually be migrated to an entirely decentralised platform in the near future, although no specific time-frame has as yet been provided.