Prove’s solutions will further bolster Bitstamp USA’s identity verification and KYC controls
Prove Identity, Inc. (“Prove”), the leader in digital identity, announced a partnership with Bitstamp, the world’s longest-running cryptocurrency exchange, to further strengthen its security and compliance controls while also expediting its user onboarding process.
“Our mission is to streamline each customer’s onboarding experience and accelerate the KYC process while maintaining the highest levels of platform safety. With Prove Pre-Fill, we will have a best-in-class user experience that is both efficient and secure.”
Prove will enable Bitstamp US users to streamline account openings and registrations while meeting the highest levels of compliance and security through its Pre-Fill onboarding solution. Powered by the Prove Identity Network (PIN), Prove expedites the digital onboarding process by pre-populating application forms with verified identity information tied to a phone number, while mitigating fraud through its patented, industry-leading identity framework.
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“As the longest-running crypto exchange serving millions of users, Bitstamp has always been fully committed to regulatory compliance and curtailing fraud on our platform,” said Thomas Hook, Chief Compliance Officer at Bitstamp USA. “Our mission is to streamline each customer’s onboarding experience and accelerate the KYC process while maintaining the highest levels of platform safety. With Prove Pre-Fill, we will have a best-in-class user experience that is both efficient and secure.”
Prove’s Pre-Fill solution prefills online applications with bank-grade data from authoritative sources, and authenticates consumer identities to thwart account opening fraud, such as synthetic identity fraud. Consumers benefit from a faster, easier, and more secure sign-up process, and information is auto-filled in a privacy-enhanced fashion only with the customer’s consent. The solution modernizes the account opening process by shaving off clicks and keystrokes that limit conversions, and can onboard customers in under a minute.
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“Bitstamp’s adoption of Prove Pre-Fill underscores their commitment to providing users a safer, faster experience,” said Joon Pak, Head of Crypto at Prove. “With our solutions, anyone with a smartphone can now become a part of the crypto community in under a minute, while also knowing they are being protected by the highest levels of security and compliance. In the current market environment, we’re proud to partner with Bitstamp to remove barriers to entry where possible for users while also prioritizing safety.”
As Bitstamp continues to grow in the US, Prove Pre-Fill not only provides a strong user experience and compliant fraud mitigation platform, but also helps optimize marketing spend by decreasing abandonment rates – converting customers more frequently and more quickly.
Prove’s solutions are used by more than 1,000 businesses across diversified industries, including 8 of the top 10 banks, 2 of the top 3 global cryptocurrency exchanges, 3 of the top 5 retailers, 2 of the top 3 healthcare companies, and 6 of the top 10 insurance companies in the U.S.
Prove’s identity solution product is expected to be fully integrated across all Bitstamp platforms, including web, Android, and iOS, for US clients by the end of March 2023.
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