KYC verification to invest in upcoming Seed/Private Sales on Colony Lab

As Colony’s highly anticipated Early-stage feature launch draws near, promising unparalleled investment opportunities in Seed/Private sales of Avalanche early-stage projects, KYC verification has officially commenced.

For those interested in engaging with the platform’s sales, undergoing KYC verification is a prerequisite to accessing these early deals and making investments.

This article is designed to guide you through the KYC process on Colony Lab and shed light on the significance of KYC verification within the platform’s framework.

Our selected KYC partner is Quadrata, a Web3 Identity Solution. Quadrata has been carefully chosen not only by us but also by Ava Labs to serve as the Web3 Identity Solution for the Avalanche Evergreen Subnet, known as “Spruce”.

How to complete your KYC verification:

⚠️ If you participated in Colony Lab’s private sale and underwent KYC with Synaps, your KYC is already approved within our application, and you don’t need to go through the Quadrata process mentioned below.

1- You need to be a $CLY staker to be able to KYC. Make sure you connect with the wallet you’re staking $CLY with on Colony’s application to proceed with the KYC process. This specific wallet you’re staking with is the one you will be using to participate in Seed/Private sales, through the Early-stage feature.

2- To access the KYC verification modal, go to “Early-Stage — Deal Flow” on the application menu, then click the “Access KYC” button. From there, proceed by clicking “KYC verification” to initiate the process.

(Alternatively, you can also access it by clicking on your “Profile” at the top right corner of Colony’s application and selecting “KYC verification”.)

3- To complete your KYC verification, you are required to claim your identity passport through our trusted KYC provider, Quadrata, and then register it on our application. Click “Access KYC” to initiate the process, and a Quadrata modal view inside our application will guide you through the necessary steps.

4- Our KYC process with Quadrata is designed to be straightforward, involving 7 simple steps:

Step 1: Click on “Start Verification” to begin the process of minting your passport. Ensure you read Terms and Conditions then click on “Agree”.

Step 2: Confirm your wallet ownership by clicking “Sign Message”.

Step 3: Input your First Name, Last Name, Email, Date of Birth, and Country of residence. ( ⚠️ Ensure to check our list of restricted countries)

Ensure that all the information provided above matches the details on your government-issued ID (None of this information will be stored on-chain).

Step 4: After submitting your personal information above, proceed to verify your email. You will receive an email containing a verification code. Enter the 4-digit code requested by Quadrata to continue with your KYC verification.

Step 5: Initiate the ID verification process by clicking “Begin Verifying.” Upload a photo of your chosen government-issued ID and take a selfie. Acceptable documents include a passport, driver’s license, or ID card, all of which must be valid and match the previously provided information.

Step 6: Once Step 5 is completed, after a few seconds your Quadrata Passport will be ready to claim. Click “Claim your Passport” and sign the transaction within your wallet.

Step 7: After claiming the passport, register it on the Colony Lab’s application to enable access to the Early-stage feature.

This registration request is automatically triggered only if the user’s passport aligns with Colony Lab’s KYC requirements. The user must then perform the transaction to fully complete the KYC process.

🎉 That’s it! Congratulations! You have successfully completed the KYC process. You are now ready to participate in Colony Lab’s upcoming Seed and Private sales of early-stage Avalanche projects as soon as they go live.

ℹ️ If you’re unable to complete KYC due to geographical restrictions (being a national or resident of the Restricted Jurisdictions list), there are alternative ways for you to engage with and reap the benefits of Colony’s Early-stage Feature. All $CLY stakers, irrespective of their participation in Nests (sales), will ride the wave of the platform’s success. 8% of the sales allocations (in ceTokens) will be airdropped to all $CLY stakers, creating an opportunity for a passive income stream.

ℹ️ If you are a resident of the US but qualify as an accredited investor and wish to undergo KYC, please contact us via Telegram. We’ll be happy to assist you with the process.

Why KYC is Integral to Colony Lab:

At Colony Lab, the implementation of the KYC (Know Your Customer) process is not just a regulatory requirement; it’s a strategic decision aimed at ensuring the success, security, and longevity of our decentralized fundraising platform. Here are the key reasons why KYC plays a vital role in the Colony Lab ecosystem:-

• International Compliance: KYC is a mandatory component for projects engaging in capital fundraising through Colony Lab for their seed/private sales. By enforcing KYC compliance, we align ourselves with rigorous international fundraising standards, ensuring a responsible and legally sound environment for participating projects and our users.
• Legal Foundation: Embracing KYC affords Colony Lab the strongest legal footing, enabling us to continually build innovative products and support early-stage projects that propel the growth of the Avalanche ecosystem for years to come.
• Fair Distribution: KYC helps eliminate the possibility of multiple accounts by the same users on our platform, guaranteeing a fair and equitable distribution of allocations among our community members. This measure is crucial to maintaining transparency and fairness in our fundraising processes.
• Preventing Manipulation: KYC acts as a barrier against automated bots and large-scale investors (whales), preventing them from dominating sales and ensuring a more democratic and inclusive fundraising experience for our community.
• Long-Term Vision: Colony Lab doesn’t limit its focus to the short term; our strategy extends into the years ahead. The integration of KYC infrastructure strategically places us to efficiently cater to the fundraising needs of substantial projects. This forward-thinking approach ensures that Colony Lab maintains its status as a reliable and adaptive platform within the evolving landscape of crypto fundraising and its associated legal framework.

In essence, KYC at Colony Lab is a multi-faceted tool that not only addresses regulatory requirements but also serves as a cornerstone for integrity, fairness, and sustained growth within our decentralized fundraising ecosystem.

About Colony Lab

Colony Lab: The community-driven Avalanche ecosystem accelerator, powered by $CLY.

We empower projects through decentralized fundraising and liquidity. Our inclusive platform offers the community diverse exposure and unprecedented access to Avalanche’s remarkable growth. Join us for seed/private sales investment opportunities and unlock a world of rewards, including airdrops, $AVAX incentives, and a share in platform fees.

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