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.