Onfido partners with BitPay to secure Bitcoin payments
Onfido announced that BitPay is using Onfido AI technology to meet KYC requirements and onboard new users to its platform. Additionally, BitPay now enables Onfido to accept payment in Bitcoin.
BitPay is the largest global crypto payments provider processing more than $1 billion annually from merchants and B2B customers. BitPay verifies the funds and accepts the Bitcoin on behalf of the organization; businesses then receive settlement in fiat currency within one to three business days.
Using machine learning technology, Onfido validates a user’s identity document and compares it with their facial biometrics.
This partnership will also help Onfido expand into international markets where credit card payments are impractical. With half of the unbanked and underbanked polulation owning a smartphone, Onfido can deliver identity verification services to a large number of otherwise underserved global users.
“At Onfido, it’s our mission to build an open world where identity is the key to access,” said Husayn Kassai, CEO and co-founder of Onfido. “Partnering with Bitpay was the obvious choice for both our businesses. BitPay enables us to securely service more people in a way that is cost-effective and quicker than a bank wire, while we can deliver them the most trusted identity verification service in the crypto space.”
According to the announcement, Onfido now provides identity verification to more than 1,500 companies including 30 of the world’s largest crypto exchanges and wallets.
Sales of Onfido biometric and ID check products grew 342 percent in 2018. The company has received over $60M in funding from investors including Microsoft Ventures, Salesforce Ventures and Idinvest Partners.