Cryptocurrency Exchange Adopts Jumio Solution for KYC/AML

Switzerland-based cryptocurrency exchange Monaco has opted for Jumio‘s biometric identity verification solution for customer onboarding.

Monaco’s aim is to offer a digital exchange that lets users trade both fiat and cryptocurrencies at perfect interbank exchange rates. As such, the firm is catering to a user base that is particularly interested in doing business on mobile, and so Monaco needs a way to verify user identities that is streamlined for this channel.

Jumio’s solution is thus a natural fit. Leveraging a standard smartphone camera, it uses facial recognition and document reading to match an end user’s face to their official identity documents, allowing for remote confirmation of a given user’s identity. The platform has seen remarkable growth in adoption over the past year, prompting Jumio to announce a new sales office for the APAC region earlier this month.

In a statement announcing the partnership, Monaco CEO and co-founder Kris Marszalek attested to the value of Jumio’s solution, saying, “Jumio’s AI-powered technologies fit with our priority of creating smooth and simple user journeys, keeping our users happy and increasing client retention by taking the complexities out of the online verification process usually associated with regulatory KYC and AML compliance.”

The move comes after Monaco contracted Gemalto to provide its physical Visa cards – designed to function together with its cryptocurrency app – last autumn.