Indian crypto-exchange CoinDCX taps Onfido for KYC and onboarding
CoinDCX, India’s largest 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, according to Onfido, as shared in a piece by Finextra.
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 analysing 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.
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.”
Husayn Kassai, Co-Founder & CEO, Onfido, said: “Businesses and consumers should no longer have to compromise on customer experience, conversion, privacy or security. The way forward must uphold all of these, especially as the world increasingly moves online. We’re proud to partner with an innovative company such as CoinDCX, helping the company streamline onboarding while meeting KYC requirements.”
CoinDCX can now offer a quick, safe, and compliant onboarding to all its new customers, thus accelerating their journey towards owning their first crypto. Through this partnership, the company also aims to make financial services more accessible to the mass Indian market, while increasing security and decreasing the cost and time required in due-diligence checks.