Traceto’s Twice Postponed ICO To Begin Next Week

Traceto’s Twice Postponed ICO To Begin Next Week

After two initial postponements, Traceto’s token sale is now scheduled to begin next week on the 21st May.

The token sale will start with a three-day early access sale, giving those who contribute a minimum of $1,000 a 5 percent discount. After that, the main sale will run from 8th June until the end of the month, with a minimum contribution of 0.5 ETH.

Traceto is looking to raise $25 million by selling 400 million out of a total of 1 billion tokens.

Another Solution to The KYC Problem

Traceto is tackling the important, yet time-consuming and tedious, KYC (Know Your Customer) and AML (Anti Money Laundering) processes that increasing numbers of organisations and companies – including ICOs – are faced with. 

Although Traceto’s roadmap has a long way to go – its testnet will only be released in the Q3 2018 – Cynopsis Solutions, the company behind the project is well-established in the space. Their Artemis solution was used by Kyber and ICON for their ICOs last year.

Using a decentralised solution to help decentralised organisations manage the KYC process is a relatively obvious business plan, and it’s a fairly crowded space. Civic, The Key and Safein are all targeting what is essentially the same opportunity.

However, it may not be first mover advantage that determines the winner. Success or failure will depend on building partnerships within the industry, driving user adoption amongst the investor community, and navigating different regulatory environments around the world.

In this case, Traceto is attempting to use gamification to incentivise users to verify one another. Verifiers will earn tokens by verifying new users and granting requesters access to user data.

Whether or not regulators will be happy with users verifying one another remains to be seen. On the other hand, it’s the regulators who are most likely to create ongoing opportunities for platforms like Traceto.