CoinDCX adopts fully automated KYC amid Covid-19 lockdown
CoinDCX, India’s largest and safest cryptocurrency exchange, announced a partnership with global identity verification and authentication company Onfido, to digitally automate CoinDCX’s entire KYC process while making it faster than ever. Onfido’s technology uses artificial intelligence(i.e. AI) to help verify users’ identities swiftly and securely while preventing fraud, enabling CoinDCX to onboard users in under 5 minutes while meeting KYC regulations.
Read More: Simple Announces Launch of Tax Refund Feature to Automate Savings for Customers
To ensure users’ safety and compliance, CoinDCX places significant importance on KYC verification. With complete automation of the KYC process, the company can now onboard customers faster without compromising security. In India, a normal KYC onboarding procedure typically takes 5 days, whereas CoinDCX has been maintaining a 24-hour timeline for its KYC verifications. Through Onfido, the company will further curtail its current KYC timeline to just 5 minutes from 24 hours.
Users are onboarded by clicking a picture of their government-issued IDs and a selfie. Using AI, Onfido verifies the user’s real identity by analyzing their photo ID, checking that it seems genuine,running checks across Govt. Listed IDs, and then matching it against their selfie or video. This ensures the person is the legitimate owner and physically present. This comprehensive digital process detects even the most sophisticated frauds while offering consumers a safe consumer onboarding experience.
Read More: Fintech Europe Selects Ten Startups for its Fifth Batch
Adding to that, Sumit Gupta, Co-founder & CEO, CoinDCX, said, “Our users are at the core of every decision we make at CoinDCX and a streamlined user experience is very important to us. The #TryCrypto initiative is about providing helpful tools, lowering the barriers to entry, and providing access to the crypto asset class in order to enable mass adoption. By integrating Onfido’s technology we can not only simplify the KYC experience for users but also give our users peace of mind by providing the highest level of fraud protection. Onfido’s cutting edge and next generation technology will enhance CoinDCX’s compliance, safety, security and performance, as it has with so many other companies in the past.”
Read More: M Financial Group Licenses FAST Software to Enable New Digital Ecosystem for Member Firms
