Importance of digital identity verification grows as regulators push for tighter legislation
Mitek(NASDAQ: MITK), a global leader in digital identity verification solutions, today announced that it is providing digital onboarding for BTCDirect customers. A leading bitcoin broker platform, BTCDirect has experienced rapid growth with up-to 3000 onboarding requests a day. To accommodate the surge in demand and meet increasingly stringent regulations, Mitek’s identity verification solutions are being used to onboard customers in as little as 10 minutes.
Founded in the Netherlands in 2013, BTCDirect acts as an agent in the buying and selling of bitcoins. Its user-friendly platform allows consumers to buy and sell bitcoins and other crypto currencies quickly, easily and securely. Following the increase in cryptocurrency trading in the last year, BTCDirect wanted to ensure the onboarding process was frictionless but also compliant with regulatory demands.
According to a MarketsAndMarkets report, the cryptocurrency space will grow at an unprecedented CAGR of 32% 2017-2023 to hit nearly USD3bn. Regulators have recently been keen to introduce regulation into the space, cracking down on anonymity in cryptocurrency platforms, with the G20 calling for recommendations by July 2018. Customer onboarding looks set to become tougher, and therefore slower. Cryptocurrency companies must make it a priority to implement KYC processes that are compliant and can be scaled to keep up with the surge of customer signups. Using Mitek’s technology, BTCDirect can validate the authenticity of identity documents presented. BTCDirect opted for Mitek’s solution because of its strong roadmap and after seeing great results in the testing period.
“Our aim is to provide a cryptocurrency brokerage that is secure and compliant and thereby staying the #1 crypto currency brokerage in Europe. Offering a scalable solution to customer onboarding is the first step,” said Mike Hutting, CEO and co-founder, BTCDirect. “Mitek’s scalable identity verification solution is speeding up the registration process, enabling us to keep up with the enormous rise in requests. We chose Mitek as a trusted partner in this space to ensure we can be as prepared as possible to meet future regulatory requirements.
“Both regulators and companies themselves are turning away from the anonymity that has often defined cryptocurrencies,” said René Hendrikse, Managing Director for EMEA, Mitek. “BTCDirect is committed to promoting a safe and authentic experience for its customers, and getting ahead of the regulatory curve. With the demand for cryptocurrency skyrocketing, Mitek’s mission is to provide compliant customer onboarding that doesn’t come at the expense of the user experience.”