IdentityMind Global™, the leader in Digital Identities You Can Trust, has announced that Fluz Fluz, a digital shopping platform incorporating blockchain technology from South America that utilized IdentityMind Global for know your customer (KYC) and anti money laundering (AML) compliance requirements, is now leveraging IdentityMind ongoing in the launch of its consumer Fluz Fluz cash back network in the U.S.
The Fluz Fluz platform – used daily by tens of thousands of users – allows them to earn cash back from purchases made through its network in North and Latin America. To date, Fluz Fluz has recruited over 200 global brands such as Uber, Nike and Netflix to participate in its cash back network.
Every time a member or someone in the Fluz Fluz network makes a purchase, network participants earn cashable rewards called “Fluz” which are stored in mobile wallets. Once customers start earning Fluz, they can request to have it exchanged for other cryptocurrencies or fiat money.
“After executing on a highly successful international token sale utilizing IdentityMind Global for KYC and AML compliance, we expanded upon that foundation to include KYC compliance on our new Fluz retail virtual currency that is addressing the $62 billion digital gift market,” said Stefan Krautwald, Co-founder, Fluz Fluz. “IdentityMind has provided superior customer support every step of the way during this process. Their solution protects against fraudulent users, makes our solution AML compliant and helps maintain the integrity of our network.”
“Backed by a proven business model from Latin America, Fluz Fluz next determined to work with IdentityMind in KYC compliance of their digital Fluz currency,” said Garrett Gafke, CEO, IdentityMind Global. “IdentityMind has a successful track record of helping companies like Fluz Fluz execute on successful token sales and making them KYC compliant.”
Initial Coin Offerings (ICOs) have grown exponentially with nearly $6 billion raised in 2017, up from $10 million in 2014. IdentityMind has worked with over 70 ICOs, headquartered in nearly 20 countries. In addition, IdentityMind has processed contributors from over 110 countries.