|Headquarters||San Francisco, California|
|Key People||Vinny Lingham, CEO|
|Products||Blockchain-based identity systems|
With $2.75 million in venture capital funding, Vinny Lingham founded Civic in January 2016 to provide an online means to protect the use of individuals' social security numbers. Civic's service, which notifies customers when their social security numbers are used and offered $1 million in insurance, launched on July 19 of that same year. Civic engineered a two-way authentication process to verify both the users to institutions and the institutions to the user, providing them both the opportunity to prevent fraudulent use of the number.
In a multi-stage initial coin offering, Civic minted 1 billion CVC coins, one-third of which were rapidly bought up for $33 million in June 2017. One-third were to be distributed to businesses and in promotions for the network, and one-third were held back for future sale.
On October 24, 2017, the cryptocurrency custody company for institutional investors BitGo announced that it had chosen Civic to provide know-your-customer support to its joint development project with the Chicago Mercantile Exchange (CME) to develop a digital gold platform for the Royal Mint. The CME left the project sometime in 2018 and the U.K. government shuttered it completely in October 2018.
- Vinny Lingham Leaves Gyft, Raises $2.75 Million for Identity Startup. CoinDesk.
- Identity Service Civic Launches, Offers $1m ID Theft Insurance. Forbes.
- Civic sells $33 million in digital currency tokens in public sale. Reuters.
- BitGo to Use Civic ID Service for Royal Mint’s Digital Gold Trial. CoinDesk.
- UK Government Vetoes Royal Mint’s Launch of Digital Gold After CME Exit. CoinTelegraph.
- BitGo Now Supports ERC20 Tokens. Twitter.