Cryptocurrency Exchange Leverages Onfido for Customer Onboarding

Onfido’s biometric ID verification solution is now being used to onboard customers of Bitstamp, a major cryptocurrency exchange.

The Onfido solution is designed to let clients confirm the identities of their end users via tablets or smartphones. The system combines facial recognition and document reading capabilities to biometrically confirm that users are who they say they are, and was recently leveraged by digital bank Arro Money for online customer authentication.

It’s now performing much the same service for Bitstamp. In a statement announcing the implementation, the latter explained that it saw a huge jump in new customer requests during December’s cryptocurrency bubble, with over 100,000 onboarding requests per day. As such, it needed an automated solution to deal with the volumes, and Bitstamp CEO Nejc Kodrič now explains that “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.”

It’s the latest example of the growing popularity of mobile biometric ID verification solutions, particularly in the financial services sector. Besides Onfido, peers like Jumio and FacePhi have reported considerable growth in recent months as more clients look to leverage mobile biometrics for customer onboarding.