iDenfy, the Lithuanian identity verification and fraud prevention company, joins forces with HollaEx, an open-source cryptocurrency exchange platform for businesses.
The new document authentication and biometric verification from iDenfy will ensure safety for HollaEx customers.
With digital assets leaving the “trend” tag behind to become mainstream, regulators are seeking stricter rules prohibiting illicit transactions. At the same time, arguing that all cryptocurrency transactions must include the details of both parties, this way outlawing anonymous trades.
According to the Federal Trade Commission, there was an increase of more than 70% in fraud reports last year due to $5.8 billion lost to scams. Even though it’s not mandatory in some countries to proceed with the Know Your Customer (KYC) process for crypto trading, the large number of transactions and the increasing risks of fraud are pushing more companies to look for secure remote identity verification solutions.
According to HollaEx, iDenfy was able to offer an easy-to-use, automatic KYC and Anti-Money Laundering (AML) system in the form of a plugin, which was one of the factors to choose the company as the new partner. Its project, HollaEx, is the ultimate blockchain software allowing customers to create marketplaces with their own digital assets.
Businesses using HollaEx can create coins, markets, and provide crypto services in minutes. As per the open-source exchange network platform, its goal is to reduce the complexity of blockchain development by providing the necessary tools to start the trading experience easily.
Its new partner, iDenfy, is a remote fraud prevention and compliance platform, helping businesses to detect suspicious user behavior in real-time as well as prevent unwanted registrations during the customer onboarding process. Its full-stack, AI-powered identity verification solution is certified by ISO/IEC 27001 standard, guaranteeing that HollaEx customers’ data is taken care of with the highest security protocols in place.
iDenfy’s ID verification helps HollaEx reach and monitor its clients' verification data easier. The new dashboard allows generating identification sessions manually as well. According to HollaEx, iDenfy’s plugin lifted the burden of manual documentation review, securing a smooth and safe onboarding process for its customers.
“By choosing iDenfy’s remote ID verification we’ve reduced operational costs; this way, making it for everyone to join our platform for free, all you need to do is ollow five basic steps. We’re grateful for this partnership and an extra layer of security, as we believe that it will encourage more businesses to take advantage of blockchain technology.” — expressed the Co-Founder at HollaEx, Ali Beck.
“Identity verification increases the confidence in your organization. Today, battling crime online is a complex process, and we’re glad to partner with HollaEx, a responsible business that strives to provide its customers with the smoothest onboarding possible.” — said Domantas Ciulde, the CEO of iDenfy.