🧊Issuance Process

Efficient Onboarding and Automated Management for Verified Stakeholders

As well as having staked enough $MODUS to achieve a desired tier level, off-chain KYC needs to be done via the embedded link to SumSub on the β€œKYC” page. Here, the information requirements include the applicant’s name, proof of address, ID, email, wallet address and a financial literacy test. Notably, KYC needs to be done only once per wallet address for perpetual access.

Modus only uses SumSub to ascertain whether KYC has been passed for a specific wallet address while the information given is kept secure by SumSub. When community members have been validated and the necessary share subscription agreements have been signed digitally via Docusign, it becomes possible to access the swap contract that is used to purchase PTs.

After confirming the transaction, PTs are automatically staked in the project-specific staking contract. Over time, the accumulation of return can be tracked by the amount of PRTs that are available to be collected. Overall, the process results in automation and digitalisation, which further contributes to innovate and move away from paper documents, saving costs, time and resources and especially reducing document loss. Additionally, the use of blockchain technology also enables full transparency and audibility, thus offering investors full oversight over their own funds but also insight into the operations of Modus as a whole.

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