Another Crypto Platform Turns to Biometric Onboarding, Care of iDenfy

iDenfy’s identity verification platform continues to be popular with cryptocurrency stakeholders. The company’s latest client is HollaEx, which runs an open-source blockchain network that provides other businesses with the development tools they need to create their own cryptocurrency and digital asset services.

In that regard, HollaEx is trying to make it easier for businesses to facilitate exchanges through the blockchain. Unfortunately, lack of trust has been a persistent problem for those in digital spaces. People lost an estimated $5.8 billion to scammers in the past year alone, and while regulators are starting to show an interest in digital assets, the people dealing in cryptocurrency simply do not have the same protections as those in the traditional financial system.

HollaEx is hoping that iDenfy can help address that problem. The former is planning to use the latter’s identity verification platform to comply with new Know Your Customer regulations, and to give users more confidence when making digital exchanges. iDenfy’s tech lets users know that everyone’s information has been vetted, and that it is therefore safe to proceed with a given transaction.

For its part, HollaEx cited iDenfy’s ease of use as a major factor in its decision. The identity verification utility is delivered through a plugin, and uses automated face and document recognition to speed up onboarding without compromising security. The platform helps prevent fraud and money laundering, and is certified to the ISO/IEC 27001 standard.

“iDenfy’s remote ID verification reduced operational costs,” said HollaEx Co-Founder Ali Beck. “To join our platform for free, all you need to do is follow five basic steps. We’re grateful for this partnership and an extra layer of security, as we believe that it will encourage more businesses to take advantage of blockchain technology.”

HollaEx is not the first cryptocurrency company to turn to iDenfy for remote onboarding. Emirex, Impily, and Confirmo are some of the exchanges that have already turned to iDenfy to mitigate the threat of fraud.

(Originally posted on Mobile ID World)