Moflix’s TokenSwap solution went from concept to implementation and successful launch in only 3 months.
The platform provides a regulated digital customer self-onboarding, including: customer identification, connection to the Ethereum network and generating a "burn address" for collecting tokens, all in less than 3 minutes
Modum is a Zurich -based company founded in 2016. It offers next-generation solutions for supply chain intelligence and automation, creating digital ecosystems powered by IoT sensing technology, blockchain-based networks and artificial intelligence for a variety of applications related to monitoring sensitive goods.
In 2017, Modum completed an ICO to raise capital to grow the company and develop its solution. Three years later and triggered by the insecure market conditions, Modum created the world’s first token-equity swap allowing token-holders to exchange their MOD into either cash or participation certificates.
The challenge - A new concept for compliant onboarding
Because of the market circumstances, Modum needed to change its token model. By offering their token-holders the option to change their tokens into participation certificates or cash. The company needed a reliable and regulated onboarding solution, where token holders could complete the whole onboarding process, including KYC identification, defining the beneficial owner and receiving a personal burn address to trigger the token swap.
The results - A complete digital customer onboarding in less than 3 minutes.
Modum trusted Moflix with the development of the TokenSwap solution – the first fully digital onboarding platform for exchanging tokenized shares. Users can complete the registration by creating an account, complete the identity verification and receive the burn address for invalidating their tokens via the app.
After only 3 months, Moflix was able to build, develop and deliver the TokenSwap solution. The app offers:
Onfido integration for KYC with customizations including document and country restrictions
Very compact client and backend implementation
AWS Lambda code sharing with "layers"
Connection to Ethereum network
Backend generates "burn address" for collecting tokens
Remotely configurable UI strings (no app release needed)
Automatically generated reports of "burned" tokens
"We needed a secure digital on-boarding solution for our token holders so that they could swap their MOD tokens for either cash or participation certificates.
Moflix provided us with a flawless digital onboarding solution that makes it very easy for the token-holders to complete the self-onboarding in under three minutes"
Sacha Uhlmann - Chief Product Officer
Moflix provides a fully digital onboarding solution for companies that operate in highly regulated environments. The Moflix Interaction Platform is a fully app-based solution that helps companies to simplify their BSS processes, making them more effective and efficient. The platform is equipped with a world-class mobile application for customer onboarding, strong identification, and subscription management. It also offers a support channel based on existing instant messaging platforms. As a cloud-based solution, it provides a truly paperless, streamlined solution that can reduce IT and operational costs.