Digital identity verification company Onfido has been selected by bitcoin exchange Bitstamp to power identity verification during onboarding to meet KYC and other regulations implemented by governments across the globe.
The partnership aims to help Bitstamp scale onboarding efforts and clear its backlog of customer signup requests spurred by a spike in digital currency interest. In fact, in December 2017, Bitstamp saw 100,000 customer signups on one day alone. And, with bitcoin topping above $10,000 again yesterday, Bitstamp will likely have even higher signup volume and trading requests to process going forward.
“Onfido’s powerful machine learning technology has allowed us to automate our new customer identity verification process, and still maintain our high standards when it comes to KYC,” said Bitstamp CEO, Nejc Kodrič. “We’re already seeing positive results when it comes to speeding up our verification process.”
In a press release, Onfido CEO and co-founder Husayn Kassai said the company is quickly becoming the “go-to” provider for KYC technology. “We now work with over 30 cryptocurrency companies, allowing them to scale customer onboarding smoothly, and be more vigilant as the digital currency industry faces more scrutiny and regulation,” he added.
London-based Onfido leverages machine learning to automate identity verification for more than 1,500 businesses worldwide. To confirm their identities during the onboarding process, clients simply upload a selfie and a photo of their identity document with their smartphone. To insure the validity of the documents, Onfido cross-references identities from 192 countries against international credit and watchlist databases.
In a similar deal earlier this month, Onfido agreed to power KYC for Arro Money. Among the company’s other clients are ZipCar, Couchsurfing, Revolut, and Square. Onfido has raised more than $60 million in funding from investors including Microsoft Ventures, Salesforce Ventures, and Crunchfund. Come see Onfido’s live demo on stage at FinovateEurope next month. Register today to be a part of the audience.