Dutch Cryptocurrency Exchange Uses Mitek Tech for Onboarding

“…the partnership points to a larger trend in which the online financial services world is increasing taking advantage of mobile cameras to verify the identities of end users…”

Another cryptocurrency specialist is taking advantage of Mitek’s document verification technology for customer onboarding.

Based in the Netherlands, BTCDirect offers a cryptocurrency exchange, and, since the massive uptick in crypto-commerce last year, has been straining to keep pace with requests to open accounts. Mitek is helping to solve that problem.

A statement announcing the partnership did not specify the Mitek solution being used, but it’s presumably Mobile Verify, the same solution embraced earlier this year by mobile cryptocurrency payments specialist Nocks, another Dutch firm. While Mitek also offers a solution that leverages mobile facial recognition for user verification, Mitek said only that BTCDirect is using its technology to “validate the authenticity of identity documents presented.”

Nevertheless, the partnership points to a larger trend in which the online financial services world is increasing taking advantage of mobile cameras to verify the identities of end users, with other solutions such as Jumio’s Netverify being used to match users’ selfies against their ID documents. While the technology used by BTCDirect doesn’t appear to go quite that far, Mitek’s ID verification technology has nevertheless helped to reduce customer onboarding times to as little as 10 minutes, the companies say.