They are our clients, our friends, good contacts or just people we met in the crypto-community. They have a new vision, they are running great projects, they are developing new services or they just want to share their story. Havas Blockchain is interviewing key people of the blockchain ecosystem.
We are today with Florian Le Goff CEO We Start:
1. Can you present your activities?
WeStart is a safe, simple, and secure KYC platform for the token industry. We launched WeStart in March 2018 after personally experiencing the terrible KYC process for token companies and their users.
As ICO regulations became more stringent, token teams tried to build in-house identity verification systems that were time-consuming and expensive to maintain while requiring users to jump through hoops across various platforms.
And while traditional KYC-AML verification companies have tried to work with token projects, their legacy infrastructures and data-sharing processes inhibit usability for both projects and their users (token holders).
Thus, the need for a universal and reusable KYC platform blossomed.
Within the last year, we have worked with over 20 projects and created a community of over 100,000 token owners.
After recent conversations with some of the largest token exchanges, we discovered that they were losing up to 65% of their new users to cumbersome KYC onboarding. That’s why our newest release in 2019 is Synaps, an API that allows users to complete their KYC and securely share their data with various actors of the industry in just a few clicks (banks, broker-dealers, exchanges, decentralized applications…).
The Synaps API works with both banks and decentralized exchanges to focus on the future of safe, simple, secure KYC for every project.
2. What are the regulatory stakes of KYC?
The regulatory stakes of KYC are huge.
To ensure both short-term and long-term success, token projects must comply with KYC-AML procedures or risk their entire financial raise. Companies must prove that token holders are alive, authenticated, and not blacklisted from participating (whether for security reasons or because they aren’t in an approved country or territory).
Traditionally, implementing the KYC process was an incredible pain for new and existing token projects. As mentioned earlier, they could either build in-house solutions or partner with traditional providers who know very little about the blockchain and token industries. These makeshift KYC solutions, whether in-house or hired, allowed for different KYC processes and standards to blossom in the industry — creating even more chaos and confusion.
That’s why we’ve created a simple solution for both projects and their token holders, providing the compliance they need to feel safe in knowing their finances are secure. We’ve standardized the process for token projects and users while partnering with large financial institutions to enable fully-compliant KYC for all.
3. Why KYC is so important in the blockchain ecosystem?
There are two critical factors of why KYC is a must for the blockchain ecosystem. First is, of course, global regulatory standards. While everyone knows that governments are cracking down, it’s hard to keep up with different country/region regulations — all of which you’ll need to comply with to build a global business.
Beyond global regulation standards, as token projects and the entire blockchain industry grows, projects, exchanges, and syndicates will begin to work with third-parties. These third parties often require intense compliance, especially as you move upstream. You can bet that one of those compliance issues, especially in the finance sector, is complete KYC-AML compliance. Token projects and their users should realize the importance of KYC-AML for both sides of the equation and use strategic platforms and partners to simply and safely keep in compliance.