Case Studies

CoinDCX Case Study

Issue link: https://onfido.com/resources/i/1415102

Contents of this Issue

Navigation

Page 0 of 1

CoinDCX partnered with Onfido to verify customers before they start trading on the platform. After completing sign-up in the app, CoinDCX customers are asked to verify their identity by submitting a photo of their government-issued ID and a Selfie Video, powered by Onfido. Combining Onfido with passive signals, CoinDCX is taking a holistic view of mitigating fraud and compliance. And that's why they chose to partner with Onfido: for our extensive range of verification products from Document and Biometric verification, to sanctions watchlists. The solution CoinDCX is India's safest cryptocurrency exchange, giving customers the ability to buy and sell cryptocurrencies with ease. Today they serve over 3.4 million customers, and they're growing. Fast. Establishing themselves as a secure exchange is essential to growth. The Indian regulator briefly banned banks from working with Indian crypto firms domestically, and although this decision was reversed in 2020, it's been an uphill climb for crypto firms to establish trust. With a lack of a local regulatory framework in place, CoinDCX put a focus on increasing market confidence with a self-regulatory model for KYC. Beyond regulation, CoinDCX wanted to ensure that their customers are safe from fraud. Without appropriate checks and balances in place, customers less familiar with cryptocurrencies could be exposed to identity fraud. And as an online service, CoinDCX had to build face-to- face confidence in their customers' without physically meeting them. Through all of this, CoinDCX had to ensure that their business could scale. Marketing campaigns and crypto bull runs would cause an influx of new users, but would also increase stress on CoinDCX's manual verification teams. CoinDCX wanted a smarter approach to protecting their customers and their business. That's where Onfido came in. The challenge Launched on April 8th, 2018, CoinDCX is a Indian company specialising in crypto-enabled financial services. CoinDCX is bringing a revolution with its crypto-based products by developing borderless financial services that ensure a faster, simpler, flow of capital. Through its array of products, and backed by industry-leading security processes and insurance protection, CoinDCX is upgrading lives every day. with a customer experience built to convert at scale decrease in time to onboard a customer 99% case study

Articles in this issue

view archives of Case Studies - CoinDCX Case Study