Co-founded by South African Vinny Lingham, Civic has partnered trade.io, a cryptocurrency exchange. According to the agreement between the two companies, trade.io will have the ability to provide Civic's identity verification services for the convenience of future users in the trade.io ecosystem.
Civic's verification service is said to reduce the overall cost of "Know Your Client" (KYC) that financial institutions are required to perform.
"In the world of finance, there is a delicate balance between being AML compliant, but also providing your customer an efficient, scalable solution to make sure they're accessing our platform, and trading in a short amount of time. After extensive vetting, we were happy settling upon Civic who is without question the leader in this field," said Jim Preissler, CEO at trade.io.
Reports suggest that trade.io is currently in the process of its ICO and has already raised over $18.2 million so far. The funds have been raised from over 7,000 ICO participants.
"We were intrigued with trade.io's experience in the industry and approach to ensuring compliance and adhering to regulatory matters. We are looking forward to a long mutually beneficial relationship with trade.io," said Jonathan Smith, CTO at Civic.
In October 2017, Civic made headlines by raising over $30M which at the time was the largest ICO raise of 2017.
trade.io provides a liquidity pool which distributes up to 50% of daily revenue to liquidity pool participants. This liquidity pool is apparently an industry first.
According to the cryptocurrency exchange, they intend to use Civic's identity verification services to qualify clients for the liquidity pool and trade.io exchange. By offering Civic's services, trade.io believes it will be able to cut down the time to onboard its clients.
Civic was co-founded by South African, Vinny Lingham. Its token sale, a phrase the startup opted for instead of ICO, raised over $30 million for the company for it to build an identity network which will connect companies and users.