Blockchain Compliance Solution Launched By Gecko Governancebr>
RegTech blockchain firm Gecko Governance has launched a new compliance solution that aims to offer enhanced levels of transparency and accountability to platform users within the blockchain industry.
Gecko Governance allows fund managers and banks to monitor and manage their regulation and compliance requirements. It enables fund managers and banks to schedule all their end-to-end compliance and regulatory tasks and provides a verifiable independent audit trail of compliance to satisfy global financial regulators. The company is headquartered in Dundalk, Ireland and has offices in New York and Sydney, Australia.
The new compliance solution, called Gecko Crypto1, aims to address issues of accountability and transparency within the initial coin offering (ICO) market by allowing companies to manage ICO projects before, during, and after the capital raising period. The goal is to ensure continuous compliance with national and international regulation. The solution will be implemented on the ethereum blockchain to ensure trusted, secure, decentralized compliance across the entire ecosystem of data providers and consumers.
“2017 saw over $6.8 billion USD raised through token sales – showcasing an incredible potential to finance ambitious products and startups,” said Shane Brett, Co-founder and CEO of Gecko Governance. “However, the current lack of governance standards within the ICO market is a barrier to the continued growth of the global blockchain ecosystem and may even become a point of failure. GECKO aims to bring transparency, accountability, and reliability to the ICO market – facilitating its maturation into a scalable and secure industry in which to do business.”
Last month, the Isle of Man Financial Services Authority approved Gecko Governance and the Crypto1 platform for use by companies and organizations conducting ICOs. Consequently, the company will possess a license backing and have formal authorization from the financial regulator to conduct its own ICO.
“Our ICO will not only allow us to effectively scale our platform to address the requirements of the global blockchain ecosystem, but gives us the opportunity to showcase the best-practices which Gecko will bring to the fore in the international token market,” said Brett.
The company plans to market and register the token that will be issued in its ICO as a security and will underpin the platform’s key functionalities. The tokens will be usable by ICO contributors, token issuers, banks and fund managers, legal providers, as well as third party contractors to access and pay for various services on the Gecko network.