iComply primarily aims to create standard compliance tools and other services for other crypto firms and particularly those that are offering ICOs. It announced on Monday that the seed funding had managed to raise a 7-figure amount, although the firm refrained from revealing the exact figure. Other participants of the funding round included Block X Capital and DMG Blockchain.
iComply also stated in the announcement that former member of CFTC Jeff Bandman, former Nasdaq and Financial Industry Regulatory Authority official Manny Alicandro, attorney Thomas Linder and MIT fellow Praveen Mandal have started working in the firm as advisors.
Sharma revealed in an interview that he decided to work with iComply particularly due to the focus that the company puts on compliance and “risk services for ICOs”. He explained that proper compliance would provide transparency in the issuers of ICOs, therefore, helping decrease the concerns of regulators.
Sharma also stated that he believes the startup can help in crypto adoption by helping traditional financial institutions trying to integrate the technology. He said:
“My interest is to see iComply evolve into a benchmark that investors can use to assess credibility of issuers, sustainability of underlying services and the price of ICOs.”
Founder and CEO of iComply, Matthew Unger noted in a recent statement that the recently added exchanges and ICOs will have to report to authorities that would include the Swiss Financial Market Supervisory Authority, the Financial Transactions and Reports Analysis Centre of Canada, and FINRA among a few others.
On this note, he explained:
“iComply’s patent-pending software enables both security and utility tokens to monitor and document compliance, governance and risk procedures, before a public blockchain executes an immutable trade, providing trust, integrity and transparency for our clients.”
Sharma also stated that new technologies such as Blockchain still need to attain the confidence of investors by increasing transparency. He explained that this “will allow for more growth of innovative ways of raising funds.”