Traceto ICO Review
The Traceto ICO offers a decentralized KYC or Know Your Customer network, which provides a wide-ranging solution for businesses in the cryptocurrency space by merging the blockchain with automated identity verification.
ICO Value Proposition
It is a decentralized identity system that streamlines KYC procedures. Cynopsis Solutions is the parent company, and it offers a software product known as Artemis which is presently used in the crypto space by ICON and Kyber for conduction Anti-Money Laundering/ KYC procedures on investors.
The CEO and founder is Chye Kit Chionh. The CTO is Dias Lonappan; he is also a co-founder. The chief data analyst, Gene Yan Ooi is also a co-founder. Traceto’s CMO and co-founder is Dan Poh. Traceto has several advisors working with the ICO. One of them is the CEO of Kyber Network, Dr. Loi Luu.
Strengths and Opportunities
The ICO isn’t developed from scratch. There is an existing product, which is generating revenue, and it comes from a firm with a record of accomplishment of success. More than 50 clients use Artemis in the crypto space, and this makes adoption possible.
One promising partnership in the works is with Kyber Network. This could help promote adoption of the product.
Weaknesses and Threats
So many ICO projects are targeting the identity authentication and KYC market. Also, the entire AML software market value may reach $1.4 billion before 2023.
This means there is a lot of competition in this industry.
The verdict on the ICO
The ICO offers a viable contribution to enhancing the crypto space infrastructure. A well-experienced team with a background in Blockchain and RegTech, Traceto has an advantage and may capture their target market.
However, development of this product is still in its early stages. Therefore, the success of the end product relies heavily on the usability and viability upon launch with partners such as Kyber.