- KYC/AML check – to make lawyers and government happy, and keep the bad guys out
- Unique payment wallet addresses to prevent fraud
- automated updating of the transaction status
- giving users ability to track their transactions
All these things amounted to quite a hefty engineering undertaking with lots of integrations with third party services. We were diligent and careful selecting partners for these services (KYC/AML and Payment processing), making sure their systems were up to par in terms of maturity, sophistication, reliability, and most importantly security.
However, when you have so many parts that need to come together, and not enough time to test things properly, things do happen, and we had a few last minute hiccups bringing things into production. (Something as simple as number of decimal places can mean a diference between a transaction being accepted by a crypto payment processor and not being accepted)
As the result, we had to pare down on the initial currencies supported to only BTC and ETH.
The good news is that earlier today we were able to add Paypal for fiat payments, and XEM, which brings our currency support to where it needed to be. Because we were late with support for fiat and XEM, we’ve decided to extend the early bird 10% discount by 2 more days.
Finally, we had lots of questions about KYC checks – and we hear you – people just don’t want to give out their personal info! We totally wish we didn’t have to collect it either! Unfortunately in order for us to operate under US jurisdiction, we have to comply with AML (anti money laundering) rules and regulations. Having said that, we’re using the best KYC provider we could find. We looked at their processes and came away very impressed by the systems they’ve designed and their treatment of people’s personal data – they really do try to do the right thing and go a long way to keeping your personal identifying information (PII) private.
With that, we will try to get a little bit of rest now and get back to work to make both the ICO, and this project a huge success!
Sincerely, GRAFT Team