“Thanks to the partnership, BitPay will now process Bitcoin payments made to Onfido, while Onfido’s selfie-based authentication technology will be leveraged by BitPay for Know Your Customer purposes.”
Having helped to bring so many into the cryptocurrency market, Onfido can now accept payments in Bitcoin, thanks to a new partnership.
The company has teamed up with BitPay, a US-based Bitcoin payments processor. BitPay says it processes over $1 billion in cryptocurrency transactions annually, converting the payments into fiat currency within one to three business days. Thanks to the partnership, BitPay will now process Bitcoin payments made to Onfido, while Onfido’s selfie-based authentication technology will be leveraged by BitPay for Know Your Customer purposes.
In a statement announcing the partnership, Onfido emphasized the utility of cryptocurrency in conducting business with the many unbanked and underbanked who nevertheless own a smartphone, and lauded the transparency and security of blockchain-based cryptocurrency payments.
The company also noted the many partnerships it has established with organizations operating in the cryptocurrency market, asserting that it “is quickly becoming the go-to provider for KYC in this space and is already used by over 30 of the world’s largest crypto exchanges and wallets.” Having provided user onboarding and authentication technology for so many players in this area, the company is now effectively putting its money where its mouth is by accepting Bitcoin payments through BitPay.