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VALID raises equivalent of USD 11 million

19.03.2018 09:21

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Identity

Swiss digital identity and personal data management platform VALID has announced the successful completion of its initial token offering. In total, the project has raised the equivalent of USD 10.73 million in Ether, Bitcoin andtraditional currencies.

The VALID crowd sale closed on 17th of March as planned, marking the end of the project’s initial token offering. In a next step, the tokens sold during the initial token offering will be minted and distributed to backers, provided they have completed the KYC (“Know Your Customer”) vetting procedure VALID is required to conduct as a member of a self-regulatory organisation supervised by the Swiss Financial Market Supervisory Authority FINMA. VALID expects the distribution of tokens to sale participants within the coming four to eight weeks.

The level of funds raised puts VALID in a strong position to deliver the project's full vision. VALID founder and CEO Daniel Gasteiger said: “The support we have received from the community has been nothing short of incredible. We thank everyone who believes in our idea and has backed us in the token sale. This is the start of an exciting journey, and we will now put all our resources to work to make our common vision a reality.”

VALID is the next iteration of the Procivis digital identity platform, which draws on the e-government platform eID+, also developed by Procivis. With VALID, users will be able to authenticate online and safeguard their personal data thanks to state-of-the-art encryption. Furthermore, users will be able to proactively share anonymized data, thus enabling the creation of target audience filters on the VALID platform for digital advertisers. In return, users will receive timely, relevant marketing AND be rewarded in VALID tokens.

While the idea of anonymously matching the owners and buyers of high-quality data is not new, what is new is that VALID delivers a solution that does not require a central business intermediary that needs to be paid for matching two parties: VALID is a not-for-profit, open-source platform. 

With the new European privacy regulation coming into force in May 2018 (General Data Protection Regulation, or GDPR), regulatory forces are also aiming to give more power to individuals over their data and less discretion to the organizations that collect and use it for monetary gains. Therefore, VALID could also be an emerging solution for GDPR.

VALID has already announced the future listing of its token on the Lykke exchange and is in discussions with further crypto currency exchanges. The VALID token will trade under the symbol “VLD”. VALID expects to be listed on Lykke and possibly further exchanges within the next weeks.

(SK)

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