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Ocean.Money: Integrating a User Identity Verification Solution with a Sales-Driven Referral Program
Ocean.Money is a neo-banking platform that offers both traditional banking and cryptocurrency-related services. It features multi-currency accounts, instant money transfers, bill payments, crypto wallet, on-ramp and off-ramp services, staking and yield farming opportunities, and provides budgeting tools and analytics for its customers.
The platform also offers wealth management services. These range from real estate investments and crypto ETFs to participation in crypto hedge funds to pre-IPO and ICO opportunities.
Ocean.Money Business Requirements
In pursuit of a secure sale for the platform's token, WAVE, Ocean.Money needed a user verification process to ensure regulatory compliance for the sale. Additionally, the project aimed to implement a referral program to boost the community, maximize sale participation, and increase funds raised.
On the one hand, the Know Your Customer (KYC) procedure was what the project specified as a mandatory user identification process.
On the other hand, the referral program was intended to motivate followers of the project to tell others more about it, attract new community members, and thus increase user engagement with the platform.
For example, the referral program was a critical element of the platform because it could provide an insight where user traction was coming from (e.g., the ability to sample through the blockchain network).
After researching a number of different decentralized digital identity management systems, the team got in touch with the HyperID team.
HyperID Solution: User Identity Verification and Referral Program Implementations
HyperID serves as a decentralized identity and access management platform, empowering businesses to simplify user onboarding from Web 2.0 to Web3, streamline compliance processes, and enhance user authentication with speed and security.
Recognizing the critical importance for all types of businesses to comply with regulatory requirements, avoid fines and penalties, HyperID has incorporated Know Your Customer (KYC), Know Your Business (KYB), and Anti-Money Laundering processes into its solution.
Having taken into account the considerations set out above, Ocean.Money has integrated HyperID into its platform infrastructure. Due to this approach, all users who participated in the Ocean.Money’s token sale had to undergo KYC using their HyperID account.
By doing so, the team of the neo-banking platform had ensured that only those users who were authorized and had confirmed their identity could access the sale.
On the whole, the HyperID implementation enabled 472 users to register a HyperID account in just two weeks.
Of these, 449 users successfully passed KYC and were able to participate in the pre-sale. Also, Ocean.Money adjusted the KYC rules for countries whose residents could not participate in the round due to jurisdictional restrictions.
In addition, Ocean.Money successfully implemented a referral program developed by the HyperID team that allowed the project’s ambassadors and opinion leaders to refer followers to draw their attention to the sale.
Each participant of the referral program received a unique code within their HyperID account, which was subsequently embedded into their referral link. In total, 197 unique referral codes were generated. During the sale, every participant entered this code on the dedicated sale page.
Consequently, the individual whose link users followed and entered the code would receive bonuses in the form of tokens as a reward for attracting new users.
Of all participants, 417 purchased the token. In the course of the referral program, 58 participants joined the pre-sale through the referral links. Among them, 14 users bought in the Ethereum network, 19 users bought in the BNB chain, and 25 users bought in Polygon.
Furthemore, the referral program’s flexibility empowered users to opt for a public or private setting. Thus, that option gave the Ocean.Money team greater control over the referral program, permitting either Key Opinion Leaders (KOL) exclusively or any user to generate codes.
Ocean.Money's key objectives of implementing user identification controls and applying the referral program were fully met. Using HyperID, the Ocean.Money team accomplished the following tasks:
- A portal for users to log in has been implemented.
- HyperID has implemented industry best practices such as Know Your Customer and Anti-Money Laundering into Ocean.Money's infrastructure to run a secure and legally compliant token sale.
- The sale's referral program enabled ambassadors and Key Opinion Leaders (KOLs) to receive a 5% bonus for their successful referrals.
- Incentives from the referral program accounted for approximately 20% of the total funds raised, providing a significant boost to the WAVE token pre-sale.
- Polygon emerged as the top performing blockchain, with referrals contributing to over 30% of all sales. BNB Chain was the median performer, mirroring the overall average at 20%, while Ethereum closed at 13%.
- Despite the time constraints and market conditions, the results were very impressive, with over $320,000 raised and an additional $65,000 in tokens sold through referrals