The Parallel Identity (“PID”) Token is a non-transferrable, non-fungible token that links real world individual and business identities with Ethereum wallet addresses. In order to mint a PID Token, the potential holder (“Holder”) must first undergo a rigorous “know-your-customer” (“KYC”) process and (potentially) an accreditation verification.
Once the KYC process and accreditation verification are complete, the Holder will only be able to mint a token so long as Parallel has, in its sole discretion, confirmed the Holder has submitted valid documentation confirming identity and clears a sanctions check.
The PID Token itself will contain a subset of the information Parallel collected and validated (what we call “traits”). Traits and the PID Token more broadly do not contain any personally identifiable information about the Holder, but they do contain information that may otherwise be relevant for Web3 projects. For example, traits include things like whether there is a sanctions hit for the Holder and the Holder’s accreditation status. The very fact that the Holder successfully minted the token indicates they passed Parallel’s KYC check.
Any third-party utilizing the PID Token, including any Holder, Web3 project or other party, understands and agrees that: (1) the PID Token may be used by anyone to inform their decision-making process as it relates to identification, (2) the PID Token on its own may not be sufficient for any firm or Web3 project to comply with their regulatory obligations, including “customer due diligence” requirements, (3) any determination by Parallel made in the PID Token minting process represents solely Parallel’s opinion regarding the Holder and may not be relied upon by anyone for any reason and (4) neither Parallel nor any of its licensors, service providers or suppliers may be held liable under any legal or equitable theory, including breach of contract, tort (including negligence), strict liability and otherwise, for any errors, omissions, false positives or false negatives, including any indemnification claims by Holder or any other third-party resulting therefrom, related to the PID Token.
To the extent you require additional information for your users beyond what the PID Token provides, Parallel offers a full customer due diligence product that allows platforms to immediately setup and maintain a bank-level KYC protocol. Please reach out to our sales team at https://parallelmarkets.com/contact to the extent you are interested.
