Onfido is providing remote identity verification services for the LocalBitcoins cryptocurrency exchange. LocalBitcoins is a peer-to-peer trading platform that allows customers to swap bitcoin for their local currency (and vice versa) through over-the-counter exchanges with other members of the community.
Onfido is simply ensuring that each member of that community is in fact the person they claim to be. The company has outfitted LocalBitcoins with its remote onboarding solution, which uses document and facial recognition to match each user to the image on an official government ID.
The solution has streamlined the onboarding process, and allowed LocalBitcoins to provide service to more countries. Since adopting Onfido’s technology, the company has successfully verified identity documents from 189 different countries and reduced the account opening process to a scant 16 minutes.
Onfido is also being used to add an extra layer of security to high value transactions. Customers that are signing up for a new account are only asked to take a selfie, while those operating in a higher trading bracket are asked to take a selfie video for added liveness detection.
“In the world of cryptocurrency, security is our number one concern,” said LocalBitcoins Investigations Head Elena Umanets. “Onfido plays a big part in that, giving us confidence that our users are genuine at any stage in their journey with us.”
“We are happy to be supporting LocalBitcoins’ vision to create a more trusted, secure crypto marketplace,“ added Onfido Regional Director Reuben Sagar. “We pride ourselves on delivering an experience that’s as rapid as it is robust, and look forward to helping LocalBitcoins scale this into new markets and use cases.”
LocalBitcoins is not the only cryptocurrency company using Onfido for authentication. Civic announced that its blockchain-based cryptocurrency Wallet would be secured with Onfido in 2019, while WORBLI and Bitstamp turned to Onfido to protect their own exchanges in 2018.
December 17, 2020 – by Eric Weiss