Secure cryptocurrency trading platform Blockbid adds increased fraud prevention security and bank-grade know your customer (KYC) solutions, in a move to be one of the first exchanges that exceeds user expectations and voluntarily meets stringent global anti-money laundering requirements.
Blockbid announced today its selection of solutions provided by the newly combined LexisNexis® Risk Solutions and ThreatMetrix®, a part of RELX Group.
This move aligns with the Blockbid vision to ensure its users ‘Trade with Confidence’ with the most secure trading experience available and positions it on the global stage, as a burgeoning worldwide cryptocurrency exchange.
Blockbid now has access to identity verification, authentication and KYC solutions that merge physical- with digital-identity data, distinguishing this deal. Combined physical- and digitalidentity data is a competitive differentiator, when it comes to unmasking fraudsters and other bad actors, like money launderers, human traffickers and terrorist financiers, who threaten cryptocurrency platforms. Overlaying different types of data, such as addresses, biometrics, government-issued identifiers with device identification, geolocation, behavioural analysis and threat intelligence has been called the future, today. This reflects an emerging trend that Blockbid is out in front of and companies in many different industries are working to implement quickly.
This announcement comes at a crucial time in the fast-growth lifecycle of the cryptocurrency space. Cryptocurrency trading soared in 2017, with the total number of Blockchain wallet users hitting an all-time high of 21,506,448. Usage has kept pace in 2018, growing to 24,837,455 as of May 20, 2018.
“At the same time we are helping Blockbid identify and stop bad actors, we also are reducing friction for legitimate consumers so that they can transact easily and be active in the cryptocurrency space,” said Thomas C. Brown, senior vice president, U.S. commercial markets and global market development, LexisNexis Risk Solutions. “Implementing similar controls that the biggest banks in the world use adds credibility to cryptocurrency exchanges from a regulator point of view and instils consumer confidence. Ultimately these safeguards provide a solid foundation on which Blockbid and other companies can grow, profitably.”
Blockbid vows to provide the most complete offering of cryptocurrency on a single exchange platform, whilst charging an ultra-low, fixed transaction fee of 0.1 per cent, and providing insurance to protect users against any potential cyber-attacks or financial crimes. The ultrasecure cryptocurrency trading platform will facilitate the highest volume of trades from most cryptocurrencies on one platform.
“The alliance with LexisNexis Risk Solutions and ThreatMetrix accelerates the Blockbid strategy to offer its customers the world's most secure cryptocurrency exchange on which to transact,” David Sapper, Chief Operating Officer, Blockbid said upon the news. “The technology, KYC processing, and fraud prevention that they provide will enhance the user experience, empowering our customers to trade with confidence and not worry about fraudulent behaviour. We look forward to opening our doors worldwide to all traders and investors who want to use a platform that is legitimate and provides asset insurance, as well. This step signals the intention of our company to set the pace and raise the bar for what it means to be a secure cryptocurrency exchange.”
Scott Winton Insurance Brokers (www.scottwinton.com.au), one of the largest independent insurance brokerage firms in Australia, is placing together a tailor-made, multi-faceted, multilayered insurance program for Blockbid. “Account Manager, Eli Tatarka together with his associate Kazmina Francke of their Financial Lines Division have been working tirelessly to deliver an insurance program that will be the first of its kind on Australia, which addresses the specific needs of our proprietary storage solution,” Sapper noted.
Blockbid is one of the first companies using the joint LexisNexis Risk Solutions and ThreatMetrix offering, following a much-talked-about 2018 acquisition by information and analytics stalwart, RELX Group.
Alisdair Faulkner, Chief Product Officer, ThreatMetrix, a LexisNexis Risk Solutions Company, said: “Cryptocurrency exchanges, like Blockbid, that are prioritising security on their marketplace, face a complex set of challenges and cyberthreats. The best way to tackle global cybercrime is using the power of a global shared network. The ThreatMetrix® Digital Identity Network® collects and processes global shared intelligence from millions of daily consumer interactions including logins, payments, and new account applications. Suspicious behavior can be detected and flagged for review, step-up authentication or rejection before a transaction is processed, creating a low-friction experience for trusted users.”