Identity verification specialist AU10TIX is celebrating successfully managing a massive spike in the demand for remote authentication from the world’s largest cryptocurrency exchanges.
In a statement, the Israel-based company noted that the last eight weeks have seen a dramatic rise in activity on crypto markets which in turn has led to a proportionate increase in identity verification needs.
“AU10TIX is proud to be the identity verification partner to the ten largest and most well-known crypto exchanges in the world and, across our platform, we’ve seen up to a 623% identity verification volume increase for some of these exchanges in the last eight weeks,” said Ron Atzmon, AU10TIX Active Deputy Chairman. “We’ve processed this massive spike in demand without any impact to the speed or performance of our daily operations,” he added.
One driving factor behind the recent growth spike is likely payment giant PayPal’s recent decision to open the door for all eligible Paypal account holders to buy, hold, and sell cryptocurrencies.
With the crypto market also being generally more complex than more traditional financial markets — due in some part to the decentralized nature in which they are designed — the platforms are also some of the most difficult for providers when it comes to ensuring regulatory compliance and guarding against potential fraud.
“The extreme volatility of crypto markets requires consumers to execute transactions in real-time to capture the highest value, which leaves no room for friction in the experience. An efficient onboarding and approval process is paramount,” stated Jonathan Wilson, AU10TIX Chief Product Officer. “AU10TIX’s automated identity verification solutions enable decisions in 4-8 seconds, not minutes, hours or days, so digital currency exchanges can safely keep pace with crypto consumer expectations.”
Due to the impacts of COVID-19, online traffic and digital transactions in general have grown at a rapid pace, placing greater emphasis on stronger security and remote authentication techniques to safeguard against hacking attempts, which have also grown proportionately. Facial Recognition — and in particular selfie authentication — companies like AU10TIX have been busy this year, working to ensure that with this increase in traffic, safety isn’t compromised.
“We are fully prepared to support digital currency companies that must balance experience, risk, safety, and growth during this dynamic and unprecedented time,” commented Atzmon. “Our systems are built to adapt to the demands of our customers and the markets with a strong focus on reliability and resiliency.”
November 30, 2020 – by Tony Bitzionis