According to its backers, ivyKoin is a decentralised payments platform and cryptocurrency which has been designed to give businesses “faster, cheaper and more transparent” options for making payments and transfers.
Its backers include the CEO of ASX-listed fintech Change Financial, Ash Shilkin and the former CEO of PayPal Australia and Japan, Andrew Pipolo.
Targeting those making transactions of more than $10,000, an ivyKoin spokesperson said it will challenge the value of cryptocurrencies’ and blockchains’ key attractions – their anonymity.
“It was created for the purpose of making cryptocurrency payments acceptable to more business merchants and financial institutions; by bringing verifiable cryptocurrency payments that are “Know Your Customer” (KYC), “Know Your Transaction” (KYT) and “Anti-Money Laundering” (AML) compliant available to the market,” ivyKoin said.
“While ivyKoin has the same characteristics as competing cryptocurrencies such as bitcoin and ripple, it is differentiated by its ability to “turn on and off” the type and amount of data and information it wishes to share about a payment transaction.
“Data and information could come in the form of ID verification to other supporting documents, such as invoices, images or PDFs.”
Its New York-based chief technology officer, Michael Beck said the cryptocurrency has a potential to disrupt the $10 trillion daily global payments market.
He argued that it offers a “real-world solution” to what he considers one of the main hurdles to widespread adoption of cryptocurrency, the anonymity of transactions.
“This issue is limiting businesses to realise the potential of using cryptocurrencies in cost savings, speed and convenience,” Mr Beck continued.
“With ivyKoin, we’re giving business owners and financial institutions that rely on bank-based transactions a level of certainty and trust for moving, storing and transacting with cryptocurrencies.”
Internationally, ivyKoin’s team also includes the former CEO of Westpac Bank New Zealand, Peter Clare as well as the former CEO of Intel Capital, Feroz Sanaulla.
Currently, ivyKoin is looking to raise $18 million in a pre-sale of tokens until 9 February 2018, and is hoping to meet a circulating supply market cap of $103 million by the end of its capital raising campaign.
ivyKoin’s push for funds comes days after what appears to be the world’s largest cryptocurrency theft.
Last week, major Japanese cryptocurrency exchange CoinCheck announced that it had suffered a theft of about 58 billion yen, or $660 million, affecting about 260,000 users.
The second-largest theft, known as the Mt. Gox hack cost the Japanese Mt. Gox bitcoin exchange 48 billion yen in 2014.