Civic (CVC)

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Civic
Civic logo.png
Founded 2016
Headquarters San Francisco, California
Key People Vinny Lingham, CEO
Products Blockchain-based identity systems
Twitter @civickey
LinkedIn Profile
Facebook civictechnologiesinc
Website Civic Home
Blog Civic Blog

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.[1] 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.[2]

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.[3]

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.[4] The CME left the project sometime in 2018 and the U.K. government shuttered it completely in October 2018.[5]

BitGo tweeted on April 17, 2018, that CVC was among the first Ethereum ERC-20 tokens it supported.[6]

References