Crypto exchange HollaEx taps iDenify for ID verification

iDenfy, the Lithuanian id verification and fraud prevention firm, joins forces with HollaEx, an open-source cryptocurrency exchange platform for companies.

The new doc authentication and biometric verification from iDenfy will guarantee security for HollaEx prospects.

With digital belongings leaving the “development” tag behind to develop into mainstream, regulators are searching for stricter guidelines prohibiting illicit transactions. At the identical time, arguing that every one cryptocurrency transactions should embrace the main points of each events, this manner outlawing nameless trades.

According to the Federal Trade Commission, there was a rise of greater than 70% in fraud reviews final yr on account of $5.8 billion misplaced to scams. Even although it’s not necessary in some international locations to proceed with the Know Your Customer (KYC) course of for crypto buying and selling, the massive variety of transactions and the rising dangers of fraud are pushing extra firms to look for safe distant id verification options.

According to HollaEx, iDenfy was capable of provide an easy-to-use, automated KYC and Anti-Money Laundering (AML) system within the type of a plugin, which was one of many components to decide on the corporate as the brand new accomplice. Its mission, HollaEx, is the last word blockchain software program permitting prospects to create marketplaces with their very own digital belongings.

Businesses utilizing HollaEx can create cash, markets, and supply crypto providers in minutes. As per the open-source exchange community platform, its objective is to scale back the complexity of blockchain improvement by offering the mandatory instruments to begin the buying and selling expertise simply.

Its new accomplice, iDenfy, is a distant fraud prevention and compliance platform, serving to companies to detect suspicious person habits in real-time in addition to forestall undesirable registrations throughout the buyer onboarding course of. Its full-stack, AI-powered id verification resolution is licensed by ISO/IEC 27001 normal, guaranteeing that HollaEx prospects’ knowledge is taken care of with the best safety protocols in place.

iDenfy’s ID verification helps HollaEx attain and monitor its shoppers’ verification knowledge simpler. The new dashboard permits producing identification periods manually as properly. According to HollaEx, iDenfy’s plugin lifted the burden of handbook documentation evaluation, securing a clean and secure onboarding course of for its prospects.

“By selecting iDenfy’s distant ID verification we’ve diminished operational prices; this manner, making it for everybody to affix our platform for free, all it is advisable do is ollow 5 fundamental steps. We’re grateful for this partnership and an additional layer of safety, as we consider that it’s going to encourage extra companies to make the most of blockchain expertise.” — expressed the Co-Founder at HollaEx, Ali Beck.

“Identity verification will increase the boldness in your group. Today, battling crime on-line is a posh course of, and we’re glad to accomplice with HollaEx, a accountable enterprise that strives to supply its prospects with the smoothest onboarding potential.” — mentioned Domantas Ciulde, the CEO of iDenfy.

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