Hamburg, 12 November 2020 (pta025/18.11.2020/16:51) - The investment company coinIX GmbH & Co. KGaA, which specializes in investments in digital assets and blockchain technology, is expanding its portfolio by partnering and acquiring a position in Shyft Network. Among the other partners of the Barbados-based start-up are companies such as Bitt and Polymath as a compliance partner along with some of the largest crypto exchanges.
Shyft is currently developing an identity protocol and is thus working on a solution with which the identity of persons or machines can be clearly checked and verified. This important step is currently being carried out by means of, often manual, know-your-customer (KYC) procedures, in which the identity is checked on the basis of ID documents and often recorded by copies of these self-custodied ID documents. The storage of this personal data at each bank and also at many online portals is a complex and error-prone process.
Shyft wants to solve this problem with its protocol, an "Identity Verification Validation"-Solution: If an identification by a so-called Trust Anchor - for example a bank - has been successfully carried out, the Shyft Network enables a customer to prove his identity to other institutions through blockchain and encryption technology without having to provide e.g. identification documents again. In doing so, the system provides a validation of the identity, i.e. provides sufficient proof of the authenticity of the identity without having to disclose the underlying information itself. Shyft thus creates confidence in the authenticity of data without the need to disclose underlying data and documents. Shyft's current clients include government institutions.
Dr. Christoph Lymbersky, Managing Director of coinIX GmbH & Co KGaA explains: "In a digital world and especially when using the blockchain infrastructure, the secure identification of the respective contractual partners is of utmost importance. Shyft offers an innovative solution here, which has the potential to become a market standard. Our good network has contributed to the fact that we are among the early investors in this promising project."
Fredrico Nassire, Co-Founder of Shyft Network Inc adds: "Great projects are determined by the quality of their core team and the quality of the partners they choose. We have always exercised care in our partnerships selection, and today we are thrilled to have coinIX joining our family of Shyft Network partners and supporters. We are looking forward to working closely with the coinIX team.
Dr. Christoph Lymbersky, CEO of coinIX GmbH & Co. KGaA
E-mail: email@example.com Phone: +49 40 35 67 67 58
Moritz Schildt, Chairman of the supervisory board at coinIX GmbH & Co. KGaA
E-mail: firstname.lastname@example.org Phone: +49 40 35 67 67 58, Cell: +49 160 973 971 41
About the coinIX GmbH & Co KGaA
The coinIX GmbH & Co. KGaA was founded in Hamburg in 2017 as an investment company to build up expertise in the area of blockchain Technology and crypto currencies as well as in the analysis, acquisition and management of digital assets and to make investments in this sector. The coinIX team consists of specialists with many years of experience in asset management and in the analysis of new technologies. Currently, the company is invested in more than 17 virtual currency positions and projects and already holds investments in 6 blockchain start-ups. The company's shares have been included in the open market of the Düsseldorf Stock Exchange since 2nd December 2019.