Paxful, a peer-to-peer fintech platform provider, has selected iProve to provide its biometric authentication technology to verify user identity while onboarding and making cryptocurrency transactions, according to a press release.
In order for users to onboard onto Paxful, they have to provide an ID document like a driver’s license, and then they complete a face verification process suing iProov’s Liveness Assurance to verify the user is the right person. Liveness Assurance is device and platform-agnostic.
“With the tremendous influx of new users into the crypto space comes an even greater invasion of fraudsters looking to empty or take over accounts or even hold them for ransom,” Andrew Bud, iProov CEO, said in the release. “Paxful’s mission is a critical one that helps connect the underbanked and unbanked around the globe to financial opportunities and stability. We are delighted to support them in offering inclusive and secure remote verification measures to protect their users.”