Despite recent volatilities, cryptocurrencies are growing in popularity as an asset class to a wide range of society. As the volumes of customers dipping their toe into crypto has exponentially grown, crypto exchanges and wallets now have to answer the challenge of being able to verify customers from anywhere in the world.
However, traditional KYC checks and systems are not designed for the fast paced, global nature of crypto currencies and do not support a smooth, seamless digital experience.
– Traditional database verification will work for about 80% of customers in the UK, the US, Germany and Canada. In some countries there is no available reliable identity databases at all and in some markets, database verification will only work for about 30% of customers.
– Manual KYC can take a lot of time, especially if customers are asked to email or upload and pictures of documents which then requires expert staff to review and approve customer documentation.
– Methods of KYC that take days before a customer can be verified create a poor user experience meaning a loss of customers.
HooYu Identify is different from traditional KYC tools and is a unique identity confirmation platform helping cryptocurrency platforms effectively complete KYC checks and decrease the risk of fraud and money laundering.
An industry first, HooYu Identify is a unique, identity scoring platform that combines ID document validation, proof of address checks, digital footprint analysis, PEP’s & Sanctions checks and traditional database checks for a fast, effective on-boarding process.