FB pixel

Mitek selected by BTCDirect cryptocurrency platform for biometric onboarding

 

Mitek has been chosen to provide digital onboarding for bitcoin broker platform BTCDirect, to help it deal with surging demand that has resulted in up to 3000 new account requests per day.

Identity verification powered by facial recognition from Mitek allows the onboarding process to be carried out in compliance with strict regulatory standards in as little as 10 minutes, according to the announcement.

“Our aim is to provide a cryptocurrency brokerage that is secure and compliant and thereby staying the #1 cryptocurrency brokerage in Europe. Offering a scalable solution to customer onboarding is the first step,” said Mike Hutting, CEO and co-founder, BTCDirect. “Mitek’s scalable identity verification solution is speeding up the registration process, enabling us to keep up with the enormous rise in requests. We chose Mitek as a trusted partner in this space to ensure we can be as prepared as possible to meet future regulatory requirements.

BTCDirect provides a user-friendly platform for consumers to buy and sell bitcoins and other cryptocurrencies. The cryptocurrency market is expected to grow at a 32 percent CAGR through 2023 to almost $3 billion, according to MarketsAndMarkets, and mandatory KYC and other regulatory requirements may increase. Mitek notes that the G20 has called for recommendations on how to deal with the anonymity provided by cryptocurrency platforms by July 2018.

“Both regulators and companies themselves are turning away from the anonymity that has often defined cryptocurrencies,” said René Hendrikse, Managing Director for EMEA, Mitek. “BTCDirect is committed to promoting a safe and authentic experience for its customers, and getting ahead of the regulatory curve. With the demand for cryptocurrency skyrocketing, Mitek’s mission is to provide compliant customer onboarding that doesn’t come at the expense of the user experience.”

Mitek recently claimed it was able to reduce the onboarding time for blockchain provider Nocks by 98 percent.

Article Topics

 |   |   | 

Latest Biometrics News

 

As retailers turn to biometrics to reduce theft, costs of poor implementation loom

Demand for biometrics to reduce retail crime continues to rise, but the risk of flawed deployments of the technology are…

 

Socure announces faster biometric IDV, deepfake and synthetic identity fraud detection

Identity verification provider Socure has announced the launch of its next generation DocV, now including enhanced deepfake selfie biometrics detection…

 

Rights group criticize EU AI Act for inadequate protections against potential abuse

The EU’s AI Act is done, and no one is happy. Having been adopted by the European Parliament in March…

 

Kids Code bills prompt epic showdown between regulators, activists and big tech firms

The latest craze sweeping the United States – legislation to protect kids’ data and overall online safety – has its…

 

UK’s £54M welfare fraud case illustrates need for biometric identity verification

A team of fraudsters has been convicted for what was described as “the largest case of benefit fraud in England…

 

Intellicheck, OneID tout banks’ unique position to cut fraud as digital ID enablers

Banks could play a significantly larger role in protecting consumers, businesses and payment systems from fraud, Intellicheck CEO Bryan Lewis…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read From This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events