Onfido Teams With Bitpay For KYC, Bitcoin Payment Integration

Announcements, FinTech, Innovation | January 26, 2019 By:

Onfido, the global identity verification platform, has partnered with BitPay to accept payment in bitcoin. BitPay is also using Onfido’s technology to meet Know Your Customer (KYC) requirements and onboard new users to its platform.

Onfido’s machine learning technology now powers identity verification for over 1,500 customers worldwide. Users can confirm their identity and gain access to a host of online services, helping businesses securely on-board more customers.

BitPay processes over $1 billion annually from merchants and B2B customers, verifying the funds and accepting bitcoin on behalf of the organization. Businesses then receive settlement in fiat currency within one to three business days.

Partnering with BitPay helps Onfido expand into international markets where credit card payments are impractical. BitPay enables transactions from any computer or mobile device, meaning Onfido can 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.”

Stephen Pair, president and CEO at BitPay, said his company selected Onfido as its 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.”