Bitstamp selects Onfido to to verify user identities, scale customer onboarding

Cryptocurrency exchange Bitstamp has selected identity verification provider Onfido to help it scale and onboard new customers following the recent spike in digital currency trading interest.

According to the partnership announcement, Bitstamp has more than 3 million customers registered on its platform.

“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 Kodric. “We’re already seeing positive results when it comes to speeding up our verification process.”

Using machine learning technology, Onfido validates a user’s identity document and compares it with their facial biometrics. The company has received over $60M in funding from investors including Microsoft Ventures, Salesforce Ventures and Idinvest Partners.

“We are quickly becoming the go-to provider for KYC in this space, and are helping make it more secure,” added Onfido CEO and co-founder Husayn Kassai. “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.”

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