“Onfido’s solution lets end users verify their identity with a selfie, using facial recognition to match such images to those on their official identity documents, such as driver’s licenses.”
Another cryptocurrency platform has embraced Onfido‘s selfie-based biometric onboarding, with impressive results.
Called Hodlnaut, the Singapore-based cryptocurrency borrowing and lending platform turned to Onfido to help it meet the Monetary Authority of Singapore’s Know Your Customer requirements concerning institutions dealing in ‘Digital Payment Tokens’. Onfido’s solution lets end users verify their identity with a selfie, using facial recognition to match such images to those on their official identity documents, such as driver’s licenses.
Since implementing the Onfido solution, Hodlnaut has reduced its customer onboarding time from two days to under 60 minutes, and it has increased its total number of completed identity checks by more than 52 percent, the companies say. Perhaps most importantly, the simplicity of selfie-based onboarding has improved the Hodlnaut experience for end users.
“We tested several different solutions and came to the conclusion that Onfido offered the best user experience overall with industry-leading screening,” explained Hodlnaut CTO Simon Lee. “Onfido delivers exactly what we need to be KYC compliant without sacrificing the user experience.”
In embracing Onfido technology, Hodlnaut joins a growing roster of cryptocurrency platforms that count themselves as Onfido clients, with LocalBitcoins having signed on last month. Hodlnaut also reflects surging interest in the APAC region, which demonstrated 174 percent year-over-year growth in Onfido’s most recent quarterly update.
Onfido announced Mike Tuchen as its new CEO in November, with former CEO and co-founder Husayn Kassai staying on with the company in an advisory role.
January 27, 2021 – by Alex Perala