CoinDCX has fastened the KYC process with a more secure environment by collaborating with Onfido. The company aims at better accessibility for the Indian market with increased security and decreased cost.
CoinDCX adopts Onfido Verification System
Indian-based Crypto exchange, CoinDCX announced its partnership with the Global Technology company Onfido. It helps the business establishments verify people’s identities using a photo-based identity verification system using a selfie and artificial intelligence.
A customers KYC is the most significant process in any company and CoinDCX places it on the top priority. While most of the companies in India take 5-6 days for the verification process to be successfully completed, CoinDCX was committed to maintaining the 24-hr timeline for the completion of the process. After the partnership, CoinDCX is expected to fasten the verification process to just 5 min.
Speaking on the partnership, Sumit Gupta, Co-founder & CEO of CoinDCX said,
“Our users are at the core of every decision we make at CoinDCX and a streamlined experience is very important to us. The #TryCrypto initiative is about providing helpful tools, lowering the barriers to entry, and providing access to the crypto assets in order to enable mass adoption. By integrating Onfido’s technology we can only simplify the KYC experience for users but also give our users peace of mind by providing the highest level of fraud protection. Onfido’s cutting edge and next-generation technology will enhance CoinDCX’s compliance, safety, security, and performance, as it has with so many other companies in the past.”
However, the government has maintained the user’s data with a picture for all the required documents. Onfido artificial intelligence verifies the identity of the user by checking the details and photos entered with that of the data present in the government’s data.
CoinDCX CTO on Indian Crypto Space
CoinDCX Co-founder and Cheif Technology Officer Neeraj Khandelwal stated that the path for mainstream adoption for cryptocurrencies was very hard. But the recent changes in the crypto space could be a dawn of a new era.
The exchange has seen a rise in the user base by 10 times and trading volume by 47% since the ban was uplifted by the supreme court of India. Elaborating on the current plans he said,
“ Currently our focus remains on greater adoption in India as well creating access to global liquidity in India. Hence our plans are focused on bringing high liquidity through our aggregation model and building a strong suite of products on this massive liquid layer.”
Khandelwal desires for more investments from both public and private in blockchain technology in India to penetrate education, legal and regulatory sectors.
Recent Updates CoinDCX
Cryptocurrency exchange CooinDCx has raised $2.5 million (INR 18.98 CR) funding in the investment round led by Polychain Capital and Coinbase ventures on MAy 26, 2020. An investment wing of Coinbase.
Previously the company had raised $3 million in Series A funding in March 2020, led by Polychain Capital including Bain Capital Ventures and HDR Group, operator of Bitmex.