Blockchain technology and identity management are two of the biggest trends right now in the fintech space. The two trends join together in the latest partnership between identity verification platform Onfido and worldwide digital asset payments specialist BitPay.
The two firms are working together to allow Onfido customers to pay for facial verification services using Bitcoin. Simultaneously, BitPay will be leveraging the technology behind Onfido to aid its own know your customer compliance requirements as well as to accelerate secure onboarding.
The co-founder and CEO of the firm, Husayn Kassai spoke on the matter saying, “at Onfido, it’s our mission to build an open world where identity is the key to access.” Kassai continues saying that the BitPay partnership was the “obvious choice for both our businesses. BitPay enables us to securely service more people in a way that is cost-effective and quicker than a bank wire, while we can deliver them the most trusted identity verification service in the crypto space.”
Worldwide, the company has over 1,500 customers and Onfido will leverage its partnership with BitPay to help their global expansion. As reported by BankingTech, the firm has got a keen interest in reaching underbanked places where transactions through a mobile device are more common than credit card payments. Onfido’s anti-fraud technology which is currently used by more than 30 of the biggest crypto exchanges and wallets around the globe which is something that BitPay will benefit from the anti-fraud tech.
The CEO and President of BitPay Stephen Pair has said, “we selected Onfido as our internal identity verification platform as it had the most robust functionality and was easiest to use.” Following on from this, Pair said, “Allowing crypto companies to pay in Bitcoin shows Onfido’s commitment to the crypto space, and we’re excited to be working together to make crypto more secure, for more people.”
There is more than $1 billion processed on an annual basis by BitPay from merchants and B2B customers. After being founded in 2011, the firm verifies Bitcoin payments - as well as accepting them - on behalf of its partners and businesses get their funds settled in traditional fiat currency in up to three working days.
What are your thoughts? Let us know what you think down below in the comments!