Onfido is offering distant id verification providers for the LocalBitcoins cryptocurrency alternate. LocalBitcoins is a peer-to-peer buying and selling platform that enables clients to swap bitcoin for his or her native foreign money (and vice versa) by means of over-the-counter exchanges with different members of the neighborhood.
Onfido is just guaranteeing that every member of that neighborhood is the truth is the individual they declare to be. The corporate has outfitted LocalBitcoins with its distant onboarding answer, which makes use of doc and facial recognition to match every person to the picture on an official authorities ID.
The answer has streamlined the onboarding course of, and allowed LocalBitcoins to supply service to extra international locations. Since adopting Onfido’s know-how, the corporate has efficiently verified id paperwork from 189 totally different international locations and decreased the account opening course of to a scant 16 minutes.
Onfido can also be getting used so as to add an additional layer of safety to excessive worth transactions. Prospects which can be signing up for a brand new account are solely requested to take a selfie, whereas these working in the next buying and selling bracket are requested to take a selfie video for added liveness detection.
“On this planet of cryptocurrency, safety is our primary concern,” mentioned LocalBitcoins Investigations Head Elena Umanets. “Onfido performs an enormous half in that, giving us confidence that our customers are real at any stage of their journey with us.”
“We’re joyful to be supporting LocalBitcoins’ imaginative and prescient to create a extra trusted, safe crypto market,“ added Onfido Regional Director Reuben Sagar. “We satisfaction ourselves on delivering an expertise that’s as fast as it’s strong, and stay up for serving to LocalBitcoins scale this into new markets and use instances.”
LocalBitcoins isn’t the one cryptocurrency firm utilizing Onfido for authentication. Civic introduced that its blockchain-based cryptocurrency Wallet can be secured with Onfido in 2019, whereas WORBLI and Bitstamp turned to Onfido to guard their very own exchanges in 2018.
(Initially posted on FindBiometrics)