Bitstamp — cryptocurrency exchange based in Luxembourg, signed an agreement with the service digital identity Onfido.
The goal of the partnership is to accelerate the verification process of new users and therefore to satisfy all requests for registration. The decision was made to meet the requirements of the rules “Know your customer” (KYC) and regulatory compliance of several States.
Cryptocurrency trading is gaining momentum, and more and more investors are planning to go on exchange. The role of the Onfido to simplify the process of identifying new users of Bitstamp, which recently became too much as the price of Bitcoin is growing steadily. Given that Bitcoin already has exceeded $ 10,000, it is expected that the number of registration requests will only increase. Currently, the stock exchange was about three million traders.
Identification Onfido on Bitstamp
Identification using Onfido is already working on Bitstamp. Executive Director Bitstamp, Nejc Kodrik says of the innovation :
“Powerful technology machine learning Onfido has allowed us to automate the process of identifying, preserving our high standards with regards to KYC. We are already seeing positive results — verification process is greatly accelerated”.
As demand for crypto-currencies has reached an unprecedented level, Bitstamp, and many other exchanges were forced to force their customers to expect a check for quite a long time. In December 2017, Bitfinex, Bittrex, Coinbase and Kraken, faced with the same problem. Most of the exchanges temporarily suspend the registration until it was able to modernize this process. Chapter Bitstamp announced that in December, the marketplace has received about 100 thousand registrations per day.
London company Onfido uses the technology of machine learning, which automatiseret review of the documents proving the identity, and correlates them with the biometrics of the face. Currently serves over 1500 customers worldwide including popular financial platform Revolut and Square. Onfido also cross-correlates the identity documents, international databases about loans.
Hussein Kassai, CEO and co-founder of Onfido, said:
“We are fast becoming the provider of KYC services in the cryptocurrency space and help to make it more secure. Today we work with more than 30 cryptocurrency companies, allowing them to be more vigilant, because the industry of the digital currency is subjected to increasingly strict regulation “.