Parallel Markets has introduced a new KYC/AML compliant solution for Web3 – Parallel Identity Token.
Parallel Markets is an identity infrastructure company serving over 75 financial institutions across the Web2 and Web3 ecosystems. Parallel raised $7 million in its Series A funding round led by Union Square Ventures with participation from new and existing investors, including Comcast Ventures, Eniac Ventures, Lux Capital, RiverPark Ventures and Supernode Ventures.
The Parallel Identity Token (PID Token) is a fully on-chain, non-transferable identity token that preserves the Web3 principles of decentralized anonymity while confirming critical aspects of a wallet owner’s identity.
Parallel’s co-founder and CEO, Tony Peccatiello, said:
“Building a robust identity solution to support the expansion of Web3 is something we have cared about for a long time — we’re very excited to launch the Parallel Identity Token with our partners.”
The PID Token never stores or displays any Personal Identifying Information (PII), but does contain necessary information to assure market participants that their counterparties do not have a history of fraud and are not subject to sanctions.
The PID Token is supported by a regulatorily compliant KYC/AML process and indicates:
- whether the owner is a natural person or business entity
- that the owner has submitted information necessary to complete a KYC/AML review
- that the owner is not currently sanctioned and is being monitored for new sanctions.
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