To ensure the safety and security of all parties, we will only partner with KYC service providers who meet the same standards of security and diligence as the KyotoSwap team. Too often in DeFi has a project been KYC'd but vital staff haven't been included. KyotoSwap will ensure all team members who have access to funds as well as developers are thoroughly KYC'd.
Many previous project issues haven't always come from the project leads or core team. It is often the case that the developers are outsourced and are not a part of the project's KYC process. This can pose risks with things such as bad code, backdoors to project contracts, and no liability. At the KyotoSwap Launchpad we ensure that the KYC process is done on all necessary people involved in the project, including project leads, developers, and anyone with access to any funds.
KYC stands for Know Your Customer and is implemented to ensure the identity of someone in case of any malicious acts. Minimum details required from those who are to be KYC'd are, but not limited to: - Official government ID - Official Passport - Date of Birth - Residency / address verification (bill) - Multi-Sig verification - Wallet address (and ledger) verification - SMS verification The identities of the parties involved in the project (owners, developers etc.) are confirmed by submitting the ID documentation listed above to an automated platform. This is similar to the KYC process when opening up an account on a major exchange like Binance. We will also require live interviews from those involved to ensure people providing the documentation are who they say they are. We also have higher level KYC processes available for those who really want to show investors how committed they are to their holder, their project, and its success. In addition to the above process, we will be able to add extra checks such as: - Company background check - Government issued criminal check - Wire transfer verification - In person verification
With the above completed, you as a project's owners are building the foundations for success in the following ways:
- Increased investor confidence resulting in additional capital flowing into your project - Increased accountability within a project's team for security of funds and ethics
We are striving to ensure we can put as many factors as possible in place to ensure investor safety on the KyotoSwap.io platform. Given that our process will be more stringent and in depth than the majority of KYC's done in the space, this should be a deterrent for bad projects and actors coming to us. With that being said, although we will try our upmost to keep our users safe, the following does apply;
- KYC’d projects does not mean a sound financial investment.
- KyotoSwap does not guarantee KYC’d projects will not rug, steal funds, lie, or alike.
- KyotoSwap does not guarantee investors the return of funds in case of theft and/or rug.