iDenfy, a global identity verification and fraud prevention solutions provider, announced partnering with CocaBit, a Lithuania-based cryptocurrency exchange platform, offering its users a user-friendly and convenient trading experience.
The newly integrated ID verification software will limit CocaBit’s exposure to fraud and help meet its regulatory obligations.
Cryptocurrency enthusiasts argue that its resilience during market downturns and consistent returns position it as a lasting player in the financial landscape. Moreover, blockchain technology boosts security, adding an extra layer of protection against fraud and cybercrime. As of October 2023, Exploding Topics reports a total market capitalization of $1.1 trillion for the global cryptocurrency market. However, iDenfy highlights potential challenges in the cryptocurrency market’s expansion, particularly regarding the inadequacy of Know Your Customer (KYC) measures. iDenfy also emphasizes that adopting KYC measures by crypto platforms serves as a proactive step to deter illegal activities, safeguard customers, and strengthen the integrity of the cryptocurrency ecosystem.
CocaBit agrees with iDenfy’s commitment to maintaining strong identity verification practices and ensuring a safe space for crypto traders. The company prioritizes having a robust fraud prevention program and, at the same time, strives to provide convenient and modern crypto trading services at good rates to all users. CocaBit’s platform is built with simplified navigation in mind so that users can start their transactions quickly and without any hassle. With the exact requirements for KYC in mind, CocaBit wanted a solution that wouldn’t add unnecessary friction. The company aimed to integrate AI-powered IDV software to enhance user security and ensure complete protection of their information.
To achieve this goal, CocaBit partnered with iDenfy. For every individual creating a new account on its platform, it’s mandatory to provide proof of their identity and documentation confirming their address. iDenfy’s full-stack identity verification solution swiftly extracts user data, ensuring document authenticity, legitimacy, and protection against forgery or alteration.
What sets iDenfy apart is its comprehensive KYC software, encompassing in-house specialists who perform real-time manual verification and various document analysis tools, including liveness detection, to prevent spoofing. Moreover, the user-friendly dashboard for efficient verification process management and monitoring was a significant factor in CocaBit’s decision to partner with this KYC service provider.
iDenfy played a pivotal role in helping CocaBit establish a fully automated customer onboarding process. This accomplishment was made possible by their highly responsive customer support team, efficient testing, and seamless implementation.
According to iDenfy, this change will not only improve CocaBit’s efficiency, but by consolidating all data in one location and implementing automated case assignment policies, the company will now evenly distribute KYC cases while maintaining a transparent audit trail. Furthermore, iDenfy’s ID verification solution will help CocaBit track all actions throughout a user’s entire lifecycle, which is critical to meeting compliance requirements.
The enhanced ID verification process will subject high-risk users to more rigorous scrutiny, requiring them to undergo the four-step verification process on the CocaBit platform. Additionally, iDenfy’s automated solution will effectively prevent the creation of duplicate KYC accounts, thereby preventing users from attempting multiple registrations. By joining forces with iDenfy, CocaBit will attract more crypto traders by delivering a simple yet tailored user experience. As claimed by iDenfy’s team, the partnership will be particularly beneficial as CocaBit is planning to expand its range of services and grow its user base.
“By focusing on security and user experience, CocaBit can scale rapidly without concerns about regulatory compliance. That’s why we’re happy to partner with CocaBit and assist them in providing a tailored KYC experience, ensuring a smooth identity verification process.” — commented Domantas Ciulde, the CEO of iDenfy.