ID R&D will be providing passive liveness detection for BitcoinPoint’s cryptocurrency exchange platform. BitcoinPoint is the developer of an app that allows people to buy and sell bitcoin, and will specifically be using IDLive Face to onboard new customers more quickly.
With IDLive Face, BitcoinPoint is hoping to reduce the amount of friction in the onboarding process, which should in turn boost cryptocurrency adoption rates. IDLive Face has achieved iBeta Level 1 and Level 2 certification in accordance with the ISO/IEC 30107-3 standard, and is able to determine liveness using the same single-frame selfie that a user is asked to take to verify their identity. As a result, users do not need to blink, nod, or perform any other follow-up actions to prove that they are present and aware while opening an account.
BitcoinPoint is based in the UK, where users can buy or cash out bitcoin at one of 20 agent stores in London. However, the company indicated that it will support withdrawals at a network of more than 18,000 ordinary ATMs before the end of the year.
“The ability to make KYC-compliant customer onboarding as frictionless as possible reduces abandonment rates, which results in more people experiencing the advantages of cryptocurrency,” said BitcoinPOint CEO Benoit Marzouk.
“Identity verification is an important step to building trust and preventing fraud in the crypto space,” added ID R&D Business Development Head Steve Cook. “The ability to secure the sign up process while keeping it quick and frictionless for legitimate users is emerging as a competitive advantage in a space that has been hard for the average investor to navigate.”
IDLiveFace will be integrated into BitcoinPoint’s own facial recognition solution. In that regard, the pairing is comparable to previous ID R&D partnerships. The company has provided passive liveness capabilities for Zenoo, TECH5, and RelyComply, each of which used the technology to supplement its existing facial recognition offering.