Identity Verification Platform Onfido Now Accepts Bitcoin Payments Via BitPay

News, Now Accepting | January 24, 2019 By:

Global identity verification platform Onfido has teamed with crypto merchant platform BitPay to accept bitcoin payments and to help Bitpay to meet know your customer (KYC) requirements.

Founded in 2012, Onfido is a software company that helps businesses verify people’s identities using a photo-based identity document, a selfie and artificial intelligence (AI) algorithms. The company claims to power verification for 1,500 customers, including, Bitstamp, Revolut and AllState.

BitPay, one the largest global crypto payments providers, claims to process over $1 billion annually from merchants and business to business (B2B) customers. It verifies the funds and accepts the bitcoin on behalf of the businesses then receive settlement in fiat currency within one to three business days.

Onfido said that its partnership with BitPay will enable them to accept bitcoin payments and expand into international markets where credit card payments are impractical. Since BitPay enables transactions from any computer or mobile device, Onfido will be able to deliver identity verification services to a large number of otherwise underserved global users.

“At Onfido, it’s our mission to build an open world where identity is the key to access,” said Husayn Kassai, CEO and co-founder of Onfido. “Partnering with Bitpay 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.”

As part of the partnership, BitPay will utilize Onfido’s identity verification technology to help them onboard more users, more quickly. Onfido’s technology will allow Bitpay to meet its KYC requirements and keep fraud off the platform without compromising its ability to scale.

“We’re delighted to be working with Onfido to enable them to accept payment in bitcoin,” said Stephen Pair, President and CEO at BitPay. “We selected Onfido as our internal identity verification platform as it had the most robust functionality and was easiest to use. 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.”