CoinDCX adopts fully automated KYC amid Covid-19 lockdown
CoinDCX, India’s largest and safest cryptocurrency exchange, announced a partnership with global identity verification and authentication company Onfido, to digitally automate CoinDCX’s entire KYC processes while making it faster than ever. Onfido's technology uses artificial intelligence to help verify users’ identities swiftly and securely while preventing fraud, enabling CoinDCX to onboard users in under 5 minutes while meeting KYC regulations.
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. Thanks to Onfido, the company will further curtail its current KYC timeline from 24 hours to under five minutes.
Users can onboard by taking a picture of their government-issued ID and a selfie. Using AI Onfido verifies the user's real identity by analyzing their photo ID, checking that it seems genuine 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.
Adding on to that, Mr. 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. With experience working with some of the most ground-breaking, next-gen fintech brands in the world, Onfido’s innovative technology will enhance CoinDCX’s compliance, safety, security, and performance, ultimately bringing great benefit to our users.”
Husayn Kassai, CEO and co-founder, 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.