With a single click, The KoreID credentials allow the user to be identified by regulated participants, without filling out online investment forms
KoreConX launches today its cutting-edge innovation for online investment: KoreID. With KoreChain, a permission-based blockchain technology, this release changes forever how online investments are made, avoiding the risk of typos and reducing investor frustration from having to fill forms again and again.
The volume of information required from the investors can make filling out an investment application a discouraging chore, which can lead to delays in completing an investment when the needed information isn’t readily at hand, or even abandoning an application entirely. This is what KoreConX refers to as investor fatigue.
To be eligible to display the KoreID icon, companies must show their SEC filings; broker-dealers, their CRD registration; banks and funding portals must be in good standing with FINRA. KoreConX provides the login interface embedded into the web pages that use the All-In-One Platform. When a user transacts from any of these participants in our global ecosystem, they’re actually creating for themselves a KoreID, kept secure in KoreConX’s KoreChain, a permission-based blockchain, and gaining the Passport to online investing.
How it works
Wherever an individual sees the KoreID icon within the compliant KoreConX ecosystem – a company investment website, an SEC-Registered funding platform, a broker-dealer website, a bank – the regulated investment forms can be filled in almost instantaneously. All the information is only provided as needed and as authorized by the individual. The regulated platform will automatically detect that the individual already has a KoreID. As soon as the credential is recognized, it will automatically prompt them to log in using the KoreID.
Dr. Kiran Garimella, Chief Scientist and Technology Officer of KoreConX All-In-One Platform, is excited to see KoreID live and how it will affect companies and investors, potentially stimulating more people to join the private capital market: “Without the friction and the time wasted in redundant forms, investors will recall their already certified information with a single click. KoreID will motivate individuals to reinvest easily, at first, but also to accelerate new investors coming in. We are finally able to utilize blockchain to manage information and have a positive impact in the capital markets.”
Founded in 2016, KoreConX offers the first secure, All-In-One platform that manages private companies’ capital market activity and stakeholder communications. With an innovative approach to ensure compliance with securities regulations and corporate law, KoreConX offers a single environment to connect companies, capital markets and secondary markets. Investors, broker-dealers, law firms, accountants, and investor acquisition firms leverage our ecosystem solution. For investor relations and fundraising, the platform enables private companies to share and manage corporate records and investments: it assists with portfolio management, capitalization table and shareholder management, virtual minute book, security registration, transfer agent services, and virtual dealrooms for raising capital.