Tokinex, an initial exchange offering (IEO) platform set up by Bitifnex and Ethfinex, will receive KYC and AML authentication services from Blockpass, a blockchain identity protocol.

The Ampleforth IEO will be the first to have this authentication from Blockpass on the Tokinex platform. The IEO is aiming to reach USD 4.9 million.

Tokinex is an IEO platform which will give users the chance to participate in pre-vetted token sales of their choice. The platform is similar to Huobi’s Prime and Binance’s Launchpad. The platform is said to be user-friendly and gives early investors the front seat.

Blockpass, according to reports, is a production-ready Regtech platform that helps in the verification of humans (KYC), objects (KYO) and connected devices (KYD). The company will look to make the IEO for Tokinex more secure, and the user functions easier.

Blockpass has a previous relationship with Ethfinex

The Blockpass partnership with Tokinex stems from their previous work with Ethfinex for previous ICOs by the company. Henry Child, Commercial Strategy officer at Tokinex and Ethfinex, expressed his excitement in joining hands with Blockpass again,

Child told Bitcoin News:

“Tokinex is proud to partner with Blockpass, this demonstrates both platform’s commitments to data privacy and user experience. Blockpass is leading the way in data sovereign verification, and we are delighted to deliver this solution to the IEO space.”

The first project to utilize blockchains verification is Ampleforth. Ampleforth was set up for ‘smart commodity-money.’ It uses trusted oracles to gain exchange-rate information and works out the change for its users, decreasing or increasing the amounts held in accordance. The AMPL supply alters in correspondence with the price move from a USD 1 target.

Blockchain verification the future of crypto and business?

Blockpass has several notable partnerships. For instance, they joined forces with Waves’ blockchain to provide business verification and transparency in May of this year. Tokenomica and BBFTA are also partners and use their verification service.

Blockpass is not the only blockchain based verification service provider. Daonomic is another company which provides self-service KYC forms for KYC/AML verification. IdentityMind is of a similar ilk and has partnered with Binance to enhance KYC/AML verification.

With time, blockchain technology is showcasing its usefulness in numerous areas of business and everyday life. Nations and companies across the globe are seeing the power it can bring to their services. Singapore and BMW are excellent examples.