ShoCard, a blockchain-based identity management system already adopted by a number of major global brands, on Wednesday announced plans for an initial coin offering (ICO) for qualified investors, beginning April 16. Its cryptocurrency ShoCoin (SHO) is currently available for presale via a Simple Agreement for Future Tokens (SAFT) contract.
The ShoCard platform will work via a mobile app that associates an individual’s identity with a cryptographic private key stored on their device, allowing users to provide specific verification information without losing control of large amounts of personal data to a third party organization.
ShoCard’s partners include Emirates, SITA, Bank AlJazira, Creditinfo and BubbleTon. Key early investors in the platform are Morado Ventures, the Digital Currency Group, and AME Cloud Ventures, according to the company’s statement. ShoCard has also secured contracts or is in the process of developing agreements with two major global credit card networks, multi-national credit reporting and banking institutions, a major international airline, and a yet undisclosed government immigration agency, the company stated.
Former Yahoo! Executive and Founder and CEO of ShoCard Armin Ebrahimi said, in a statement, “Mobile devices combined with blockchain technology, allow us to carry a verifiable method of identification with us at all times. We’re at a pivotal moment in the evolution of identity technology. Individuals want to have as much control over their identity as possible – dictating what is shared and with whom, without having to trust third parties to keep their data secure. Service providers and enterprises need to be ahead of this demand to offer the highest quality security and service.”
To learn more about ShoCard and its upcoming ICO, visit https://shocard.com/.
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