Xcoins chooses iDenfy to make the identity verification process easier for virtual currency investors.
Kaunas, Lithuania (September 02, 2020) – Xcoins, a leading virtual currency exchange platform, and iDenfy, a renowned identity verification provider, announce collaboration to employ a robust yet effortless identity verification process for people want to invest in digital currency.
Xcoins is a digital currency exchange platform that allows people to buy virtual currency online securely using a MasterCard or Visa. The company has about 250,000 customers in more than 167 countries, helping them exchange more than $250 million in digital cash. Xcoins is known for its quick, secure, and trouble-free services, and by forming the partnership with iDenfy, they want to make it more user-friendly. To use Xcoins, users have to verify their identity. iDenfy is going to automate this process so that more users can confirm their identities in little time.
iDenfy is a Lithuania-based identity verification provider working with several global brands. They offer real-time identity verification solution that combines face recognition, liveness detection, and ID verification all-in-one. Since iDenfy’s identity verification solution can recognize more than 1300 types of ID documents from more than 200 countries, it will be easier for Xcoins to verify their global customers. iDenfy has invested in an AI-enabled verification solution that can automatically run in-depth analysis and recognize facial biometrics over 128 different points. Besides this, iDenfy employ OCR technology in their verification solution that can auto-fill data from identity documents that make the overall process fast, smart, and highly effective.
Xcoins says, “We firmly believe that this partnership will help us automate our identity verification process in a secure way that will surely deliver a great experience to our customers.” The company further says that after testing several identity verification solutions available, they finally made a partnership with iDenfy, and they’re looking forward to their cooperation.
On the other side, Domantas Ciulde, the CEO of iDenfy, says, “We are sure our advanced identity verification solution will deliver a secure and positive experience to Xcoins users and help the platform fulfill their aim to create a responsive virtual currency platform.”
Both partners believe that their partnership will have a positive impact on the overall virtual currency industry. Many people fear investing in the virtual currency because several online currency exchangers take identity verification back seat, resulting in an increased risk of identity fraud and money laundering activities. With the proper identity verification system in place, more and more people will start trusting in virtual currency exchange.
iDenfy‘s goal is to turn a customer’s device into an ID scanning and face recognition system that makes it fast and easy to capture and verify their ID and other credentials to meet KYC and AML requirements. Real-time ID scanning and face verification are applied on websites and mobile applications, helping reduce risk and minimize fraud for online transactions. This enables customers to perform daily operations from their home instead of going to service centers, where a company needs many cost-ineffective employees. Also, it avoids the costly and time-consuming process of manual documentation required for submission and verification.
It was founded in 2016 at Kaunas University Technology Park by two childhood friends. Company in 2018 at Lithuania was awarded as Startup of the Year. iDenfy provides real-time identity verification service for financial, sharing-economy, gambling industries.
For more information and business inquiries, please visit www.idenfy.com.
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