Bitstamp Selects Onfido to Help Scale Customer Onboarding

February 16, 2018         By: Payment Week

NEW YORK CITY, February 16, 2018Digital currency exchange Bitstamp announces that it has selected Onfido to help it scale and onboard new customers. Onfido’s full-stack identity verification platform is now live, helping Bitstamp manage a massive amount of customer signup requests.

Bitstamp experienced an unprecedented increase in new customers that began in December. The company was receiving more than 100,000 new customer requests daily, and its customer base doubled in just a few months. Bitstamp – the longest standing global digital currency exchange and the EU’s largest by volume – now has more than 3 million registered customers on its platform.

While some other exchanges responded to the increased cryptocurrency demand by closing their platforms to new customers, Bitstamp remained committed to meeting the needs of both new and established customers, despite trading volumes that increased by an incredible 1,384% in 2017.

“Onfido’s powerful machine-learning technology has allowed us to automate our new customer identity verification process, and still maintain our high standards when it comes to KYC,” said Bitstamp CEO, Nejc Kodrič. “We’re already seeing positive results when it comes to speeding up our verification process.”

Bitstamp has also quadrupled its staffing level to meet growing customer demand.

As consumer interest in cryptocurrency surges, so do calls for increased regulation. Some countries, such as Japan, have implemented KYC (Know Your Customer) regulations for cryptocurrency exchanges already. Other countries, including the UK and South Korea, are currently working on amending existing or establishing new legislation for ICOs.

Onfido CEO and co-founder Husayn Kassai said, “We are quickly becoming the go-to provider for KYC in this space, and are helping make it more secure. We now work with 15 cryptocurrency companies, allowing them to scale customer onboarding smoothly, and be more vigilant as the digital currency industry faces more scrutiny and regulation.”


 About Bitstamp

Founded in 2011, Bitstamp is a leading global digital currency exchange and the EU’s largest in volume terms. Currently offering trading between BTC, BCH, ETH, XRP, LTC, USD and EUR, the exchange favours caution over extravagance, care over profligacy and quality over quantity. Bitstamp provides its individual and institutional clients with an intuitive and engaging environment for trading and custodial services. And with its focus on prudence and oversight, Bitstamp is uniquely positioned to serve as a stepping stone between the traditional financial and digital currency worlds. Safe, simple and secure to use, Bitstamp always puts its customers first, which is why it gets the stamp of approval from over 3 million traders throughout world. For more information about how Bitstamp exchanges information, ideas and trust, visit bitstamp.net.


About Onfido
Onfido builds trust in an online world by helping businesses digitally verify people’s identities. Using machine learning technology, Onfido validates a user’s identity document and compares it with their facial biometrics. The identity can then be cross-referenced against international credit and watchlist databases. Founded by three entrepreneurs from Oxford University, Onfido has received over $60m in funding from investors including Microsoft Ventures, Salesforce Ventures and Idinvest Partners. We carry out checks in 192 countries for global customers including Zipcar, Revolut and Square.