The Luxembourg currency exchange Bitstamp has concluded an agreement with the Onfido digital identification service. Thus, the Exchange intends to solve the problem with the satisfaction of all user requests for registration. This decision was made as part of the requirements of the "Know Your Customer" (KYC) and governmental regulations of a number of countries.
Trade in crypto-currencies is gaining momentum, as more and more crypto-investors are planning to trade in digital currencies. The role of Onfido is to expand the capabilities of Bitstamp. At the end of last year and early 2018, many exchanges faced a huge flow of users who wanted to start trading on the sites. This flow declined significantly after the last fall of the crypto currency market, but as soon as the price of Bitcoin moved over $ 10 thousand - users began to register more actively.
Onfido verification service is already working on the exchange. The head of Bitstamp, Nake Kodrick, commented:
"Onfido is a powerful machine learning technology that automates our process of identifying and verifying users. Technology meets high standards when it comes to KYC. We are already seeing positive results in accelerating our verification process. "
The head of Bitstamp said that in December the trading platform received about 100 thousand applications for registration per day.
London-based Onfido company is engaged in digital identification, uses machine learning technology that automates the verification of identity documents and compares them with face biometrics. Currently, it serves more than 1500 customers around the world, including popular financial platforms Revolut and Square.
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