Civic (CVC)
| Civic | |
| |
| Founded | 2016 |
|---|---|
| Headquarters | San Francisco, California |
| Key People | Vinny Lingham, CEO |
| Products | Blockchain-based identity systems |
| @civickey | |
| Profile | |
| 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
- ↑ 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.
