In the second quarter of 2023, we saw new legislation moving into place, weaving distributed ledger technologies (DLT) even further into the fabric of the world economy. Examples of new standards include the EU Markets in Crypto Assets regulation, the EU Transfer of Funds rule, and a new nationwide identity standard rolling out in India. Companies operating in the DLT space will need on-chain solutions, and Civic is strongly positioned to be able address their needs.
We also saw what may have been a turning point in the way institutions are approaching DLT, as evidenced by BlackRock’s ETF filing in late June. BlackRock joined other investment firms that have recently entered the space, such as Fidelity, JP Morgan Chase, Morgan Stanley and Goldman Sachs. Finally, the quarter ended with federal enforcement agencies taking action against Binance and Coinbase.
Enterprise-Grade Identity Access Management (IAM)
At Consensus in April, we opened up our enterprise-grade protocol so that companies can manage user access on an ongoing basis. This means Civic Pass, which is a type of non-transferable soulbound token, may be used as an advanced IAM tool. Now, Web2 companies and Web3 dApps can issue, freeze and revoke a user’s Civic Passes according to their own ruleset. We also introduced the concept of custom enterprise networks, complete with a robust management and analytics dashboard.
In the context of our entire product suite, our business customers can now use Civic Pass in two ways, based on verifications they perform or with inputs from Civic’s Identity Verification (IDV) Services. See our Pricing page, which has plans for businesses at every stage of growth.
Support for Civic Pass across more chains
To mark our entrance into the XDC community, we chose XDC to be the first EVM chain to introduce Civic Uniqueness Pass. We also joined XDC in offering a bounty for the Consensus Web3athon. Make sure to check out our Twitter Spaces with the XDC team and our workshop, featuring a demo for a lottery dApp. In late June, we were happy to award three winners top prizes for their submissions to the Web3athon.
Focusing on our customers
We were pleased to announce support for Unique.vc, a new customer that offers a platform that connects angel investors, VCs, and syndicate investors with founders. Unique.vc integrated the Civic Pass Platform to enable identity verification controls for investors who are interested in joining an investment syndicate, VC fund, or fundraiser. We kicked off the integration with a Twitter Spaces conversation.
As we continue to refine the Civic Pass Platform, one way we’re hardening our service is through third-party audits of our smart contracts. Hacken, a DLT security auditor, conducted a thorough review of Civic Pass — and it passed with flying colors. We’re extremely proud of our head-of-the-class security rating, and know that this is one more way our customers can know and trust our products. Check out our Twitter Spaces with their community and kudos from their CEO.
Spreading the word
In addition to introducing our enterprise-grade IAM at Consensus, we represented Civic around the world and online. From ETH Zurich to Superteam Vietnam to Solana Hacker House Austin, we connected and educated our community about Civic.
We also collaborated with Ocean Explorers, a NFT game, to offer exclusive access to their mint for users that collected a Civic Uniqueness Pass. We participated in an NFT scavenger hunt at Consensus with Holaplex, and awarded some of our long-time supporters with a Civic hoodie.
In the second quarter, we expanded the capability of Civic Pass by opening our enterprise-grade identity and access management protocol to the ecosystem. We also expanded support for Civic Pass to XDC and Arbitrum, and welcomed Unique.vc as a customer.
In the third quarter, we continue collaborating across chains and look forward to sharing updates about new compliance products we are launching in response to upcoming legislation.