Onfido to provide digital ID verification tech to Bitstamp
Onfido has been selected by Bitcoin exchange Bitstamp to provide its ID verification during onboarding to meet know your customer (KYC) and other regulations implemented by governments across the globe, writes Julie Muhn at Finovate (FinTech Futures’ sister company).
The deal 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 last week, Bitstamp expects to have even higher sign-up volume and trading requests to process.
“Onfido’s powerful machine learning (ML) technology has allowed us to automate our new customer identity verification process, and still maintain our high standards when it comes to KYC,” says Bitstamp’s CEO, Nejc Kodrič. “We’re already seeing positive results when it comes to speeding up our verification process.”
Onfido’s CEO and co-founder, Husayn Kassai, says his company is quickly becoming the “go-to” provider for KYC technology and now works with over 30 cryptocurrency companies.
London-based Onfido leverages ML to automate identity verification for more than 1,500 businesses worldwide. To confirm the identity during the onboarding process, clients simply upload a selfie and a photo of their ID 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 was selected by Arro Money. Among the company’s other clients are ZipCar, Couchsurfing, Revolut and Square.
Onfido has raised more than $60 million in funding to date from investors including Microsoft Ventures, Salesforce Ventures, and Crunchfund.