As demand for digital currency trading surges, cryptocurrency exchange Bitstamp selects Onfido to scale customer onboarding

Onfido now working with over 30 cryptocurrency customers to verify user
identities as industry faces increased scrutiny around the world

LONDON, February 16th, 2018: As demand for cryptocurrency trading
continues to surge, Bitstamp has selected Onfido to help it scale and onboard
new customers. Onfido’s full-stack identity verification platform is now live,
helping Bitstamp clear its backlog of customer signup requests following the
recent spike in digital currency trading interest.

Founded in 2011 in the UK, Bitstamp, now based in Luxembourg, is one of the
largest and longest established bitcoin exchanges globally, with more than 3
million customers registered on its platform.

With demand for digital currency exchanges reaching unprecedented levels,
some exchanges have struggled to keep up with demand – either shutting down
completely, or seeing substantial backlogs of customer signups and trading
requests. During the period from January to November, overall trading volumes
at Bitstamp increased by an incredible 1,384%. In December 2017, Bitstamp saw
100,000 customer signups on one day alone.

“Onfido’s powerful machine-learning technology has allowed us to automate our
new customer identity verification process, and still maintain our high standards
when it comes to KYC,” said Bitstamp CEO, Nejc Kodrič. “We’re already seeing
positive results when it comes to speeding up  our verification process.”

As consumer interest surges so does regulation. Some countries such as Japan
have regulated and implemented Know Your Customer (KYC) regulations for
cryptocurrency exchanges already. Other countries, including the UK and South
Korea, are currently working on amending existing and establishing new legislation for ICOs.

Onfido CEO and co-founder Husayn Kassai added, “We are quickly becoming the
go-to provider for KYC in this space, and are helping make it more secure. We
now work with over 30 cryptocurrency companies, allowing them to scale
customer onboarding smoothly, and be more vigilant as the digital currency
industry faces more scrutiny and regulation.”

Onfido’s ​machine ​learning ​technology platform ​automates identity verification
​for over 1,500 customers worldwide. With just ​a ​photo ​of ​an ​identity ​document
​and ​a mobile ​camera, ​users ​can confirm their identity and ​gain ​access ​to ​a ​host
​of online services, including financial ​platforms ​such ​as ​Revolut and ​Square,
sharing economy companies such as Couchsurfing, and many more.
​Headquartered in London, Onfido is rapidly growing globally, recently having
announced its Series C funding from Crane Ventures, Microsoft Venture,
Salesforce Ventures, and more.

About Onfido
Onfido builds trust in an online world by helping businesses digitally verify people’s
identities. Using machine learning technology, Onfido validates a user’s identity
document and compares it with their facial biometrics. The identity can then be
cross-referenced against international credit and watchlist databases. Founded by
three entrepreneurs from Oxford University, Onfido has received over $60m in
funding from investors including Microsoft Ventures, Salesforce Ventures and Idinvest
Partners. We carry out checks in 192 countries for global customers including Zipcar,
Revolut and Square

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