Selfkey Coin is the native cryptocurrency of Selfkey, a blockchain-based identity platform that enables individuals and companies to manage their identity data. The platform has been collaborating with companies such as Standard Chartered Bank, Bitmax exchange, EQIBank, and GSR on decentralized identity since 2014.
Selfkey (KEY) aims to radically transform the Know Your Customer (KYC) process and embraces the culture of “Self-Sovereign Identity,” which posits that every individual should own and control their identity. The SelfKey Wallet is a free, open-source, and client-centric wallet that allows users to securely store and transfer both their digital assets and identities.
According to the platform, traditional KYC processes are costly and often insecure due to the storage of data in centralized databases. By utilizing a decentralized approach and cryptographic technologies, SelfKey aims to significantly reduce the cost of identity interactions, enhance security, and improve the customer experience.
In its token sale in January 2018, Selfkey reached the “Hard Cap” within 11 minutes, raising $22 million. The blockchain identity management market is expected to grow from $90.4 million in 2018 to $2 billion by 2023, with an annual growth rate of 84.5%.
Moreover, the SelfKey Foundation has received a regulatory sandbox license (RSL) from the Mauritius Investment Board. This license enables SelfKey to develop identity products with greater regulatory certainty and validates the project’s potential. Mauritius is becoming an international blockchain hub known as “Ethereum Island.”
The KEY token-powered SelfKey Marketplace offers users access to various services with complete document transparency, cost, and total transaction time. Since Selfkey operates locally, user information is stored on their devices, meaning that user data would not be affected in the event of an attack on Selfkey servers.