Lancor Scientific Deploys Credas for Cryptocurrency ICO

An innovative medical research company is using Credas for investor identity checks, as part of its ICO to raise up to $20m (US). An exciting step into the world of cryptocurrency for the Credas team.

Lancor Scientific is a research company that are doing exciting things in the early detection of cancer.

Using blockchain architecture Lancor have developed a device that uses light – not radiation – to identify the electromagnetic changes that occur in the human body as cancer develops. It’s mind-blowing stuff.

The aim of its device is to speed up a cancer diagnosis for patients and, through the elimination of radiation, make screening a lot less harmful.

As well as making the diagnostic process a bit smoother for patients, if Lancor’s device is used widely, it will also save the NHS both time and money – something we can all agree is incredibly worthwhile.

To continue to fund the research and development, the company is undergoing an Initial Coin Offering (ICO) to secure up to $20m (US) from investors.

The ICO will be using a new currency called Medici, which is based on the cryptocurrency, Ethereum.

Cryptocurrencies are still a relatively new area to most people, so it stands that, if you’re dealing in any type of cryptocurrency, it’s essential that your investors undergo proof of identity checks – such as Know Your Customer (KYC) and Anti-Money Laundering (AML).

To that end, Lancor Scientific has opted to integrate the Credas ID verification platform to ensure those checks are robust.

Once the integration had been completed, we askedLancor Scientific’s CMO, Robert Elding, about his view on the project and he had this to say:

We looked at a range of providers in this market and Credas stood out from the competition because of the flexibility and speed of API integration it offered. They also provided us with a bespoke piece of functionality so that we could truly integrate the technology with our existing systems and maintain a consistent user experience by white labelling the technology.

As cryptocurrencies continue to rise in popularity – we are seeing more and more businesses who want to work safely and compliantly in this arena. If you’re looking to implement robust Know Your Customer or Anti-Money Laundering checks, get in touch to find out how we can help.

Rhys David, Credas CEO said,

Working with Lancor Scientific on this integration has been a great experience for us at Credas. It’s allowed us to further explore our integration offering and develop bespoke functionality, we were also able to do a full white label service for an extremely innovative business. We are incredibly pleased with the result and are looking forward to helping other businesses enhance their offering by integrating with our platform.