Aphelion, the Peer-to-Peer trading platform built on the NEO blockchain, recently announced that they are adding a new function to their platform, the Aphelion ICO Hub. This comes after the platform recently announced the re-launch of DEX.
The Aphelion ICO Hub
Basically, running an Initial Coin Offering [ICO] requires integrated Know Your Customer [KYC] and on chain token distribution functions that take a whole lot of time and money. The Aphelion ICO Hub will be based on ICO and will be able to solve the frustrating KYC processes, token burns, odd distributions, expensive fees and problem-riddled ICOs. The DEX based ICO, which also happens to be the world’s first, will be hosted by Aphelion come January next year.
According to a post on Medium, ‘’ The Aphelion DEX ICO Hub allows ICOs to simply mint their tokens and list them in phases directly on the DEX without having to build and pay for their own KYC or token distribution models.’’
It is said that the new platform will achieve regulatory compliance because Aphelion has blacklisted U.S. participants from taking part in trading activities via DEX. Aphelion users will be able to buy tokens directly from DEX once a distribution model has been developed and the ICOs are minted.
However, the Aphelion wallet will still be available for US participants, despite the fact that trading will be disabled.
One crypto-jargon that pops up every time in the crypto-investment space is that of KYC. KYC refers to the verification processes that are implemented by the recipient of an application to validate the applicant’s identity.
The issue of KYC regarding an ICO or token fraud is among the factors that have slowed down mainstream adoption and investment in ICOs and Crypto coins. This is due to the increased level of scams in the crypto world. -Some of which have successfully made off with millions of dollars raised in their fake ICOs.
While KYC may be relevant, the process is quite hectic, time consuming and expensive. The Aphelion ICO Hub will make this process better, less-hectic and less expensive since the exchange is the best tech solution for allowing p2p, costless and secure ICOs into the market.