Netki Partners with Medici Ventures to Help Power the Bitsy Cryptocurrency Wallet

Leading remote identity verification and compliance provider Netki announced its partnership with the Medici Ventures-backed Bitsy cryptocurrency wallet. In its role as partner, Netki will provide machine learning and biometrics technology to facilitate regulatory compliance and application security. Specifically, Netki will power Bitsys key recovery and face unlock security features, as well as the apps Know Your Customer (KYC) function.

Medici Ventures is the blockchain investment subsidiary of Overstock.com. Medici portfolio companies include tZERO, Bitt, Medici Land Governance, and the newly announced Bitsy.

In early 2014, Netki and Overstock.com both embraced the blockchain revolution, and weve formed a strong bond over the intervening years. Many things have changed in that time, but the central promise of decentralized technologies has not. Netki has held true to those principles and has proven itself a worthy partner, said Overstock.com president, CEO and founder Patrick Byrne. Adding Netkis biometrics technology to the Bitsy wallet moves it closer to our goal of providing the world with the eminently user-friendly, compliant, and privacy-preserving cryptocurrency wallet weve designed it to be.

Netki is the only remote identity verification service provider built specifically for the unique compliance requirements of blockchain-focused businesses, token sales, cryptocurrency exchanges, and regulated entities working with cryptocurrency or blockchain. This is due to its automation, scalability, flexibility and support for global identity document types and character sets.

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Since our founding in 2014, Netki has partnered with many important innovators in the blockchain space, but weve yet to find a more synergistic pairing than that which weve discovered in Medici and its stable of visionary projects, said Netki CEO Justin Newton. Collaborating on the integration of Netki and Bitsy technologies has underscored the complementary nature of our organizations. We are very pleased to work together in moving the broad-based acceptance of blockchain technologies forward.

The Bitsy partnership is the first customer deployment of Netki-developed facial biometrics-based application security and key recovery functionality. This extends Netkis flagship remote identity verification for Know Your Customer and Anti-Money Laundering (AML) compliance.

Bitsy brought Netki the challenge of bringing intuitive, user-friendly, client side facial authentication to end users, said Netki COO Dawn Newton. Together, weve brought technology from the realm of theory to reality and its difficult to overstate how exciting it is to see this application draw ever closer to reality.

About Netki

Founded in 2014 by internet innovation veterans Justin Newton and Dawn Newton, Los Angeles-based Netki is the only KYC-AML compliance technology provider developing remote identity verification solutions purpose-built for the blockchain era. Netkis scalable, flexible, automated technology increases trust in regulated transactions on the parts of sellers, buyers and regulators. Our products are included in the IBM blockchain ecosystem, PwC Australia’s Digital Asset Services and the Bitt mobile wallet. For more information, visit netki.com.

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