It gives us immense pleasure to announce our partnership with Onfido, a global leader in artificial intelligence for identity verification and authentication to initiate the automated KYC process. The company’s AI-based technology will help us assess whether the users’ ID is genuine or fraudulent as per the identity documents issued by the government of India. This will help us in on-boarding the users’ within 6-minutes while ensuring a diligent KYC protocol. The KYC verification is a very crucial part of our overall security procedure and we treat it as a matter of great importance. We have been maintaining a 24- hour timeline for KYC verification. With Onfido, it will reduce to 6-minutes, thus making the process faster than ever and users’ will be able to buy their first crypto within a few minutes.
Users have to click a picture of their ID proof and a selfie for the on-boarding process. Onfido’s AI mechanism verifies the users’ ID proof and then compares it against their facial biometrics. It ensures users’ legitimacy and their physical presence. It’s a foolproof mechanism discerning the fraudulent attempts and offers a safe on-boarding experience. The automated KYC process is among the key USPs of our #TryCrypto initiative’s second phase. The initiative aims to build an Indian crypto community of 50 million people. We want to make everything related to crypto so simple and accessible that in the future everyone will adopt crypto without any second thoughts.
Sumit Gupta, Our CEO and Co-founder’s thoughts on the partnership, “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, CEO and co-founder, Onfido thoughts on partnering with us, “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.”
As a company, we are committed to giving you the best possible experience and we are working on a new set of products and security enhancement features like asking OTP while setting up 2FA and locking withdrawals for 24 hours. These features are currently on a pilot run and will be live soon. We will be launching our education platform DCX Learn soon. You can visit the coming soon page of our academy to get early access. Do check CoinDCX blogs and follow our social media channels for more such updates.