Onfido Now Working With Over 30 Cryptocurrency Customers To Verify User Identities As Industry Faces Increased Scrutiny Around The World
As demand for cryptocurrency trading continues to surge, Bitstamp has selected Onfido to help it scale and onboard new customers. Onfido’s full-stack identity verification platform is now live, helping Bitstamp clear its backlog of customer signup requests following the recent spike in digital currency trading interest.
Founded in 2011 in the UK, Bitstamp, now based in Luxembourg, is one of the largest and longest established bitcoin exchanges globally, with more than 3 million customers registered on its platform.
With demand for digital currency exchanges reaching unprecedented levels, some exchanges have struggled to keep up with demand – either shutting down completely, or seeing substantial backlogs of customer signups and trading requests. During the period from January to November, overall trading volumes at Bitstamp increased by an incredible 1,384%. In December 2017, Bitstamp saw 100,000 customer signups on one day alone.
“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 Kodric. “We’re already seeing positive results when it comes to speeding up our verification process.”
Popularity Leads To Scrutiny
As consumer interest surges so does regulation. Some countries