Coinbase Delivers on its Promise to Provide a Seamless Way for Consumers to Exchange Digital Currency for Traditional Currency
PALO ALTO, CA and LONDON, UNITED KINGDOM--(Marketwired - Nov 2, 2016) - As a leader in the digital currency market, Coinbase provides customers a safe, secure and frictionless way for both investment managers and consumers to trade and exchange Bitcoin or Ethereum for traditional currency. When the company experienced a surge of growth in 2014 -- with a more than 400 percent increase in transactions and a simultaneous uptick in the value of transactions occurring -- there was a clear need to provide an automated digital identity verification process. The automated process would be used to complete ID card/document verifications and comply with regulatory requirements throughout the company's global business model, which supports 33 countries.
Coinbase enables users to buy, sell, or trade digital currency and send it across the globe. It also acts as an exchange service for traders via its Global Digital Asset Exchange (GDAX). Similar to investing in the stock market or property, the value of Bitcoin or Ethereum is determined by buying and selling in the open market. Given the high level of fraud risk and compliance requirements -- such as Know Your Customer (KYC) obligations -- the company looked to Jumio to provide a reliable and friction-free digital identify verification solution.
Jumio's Netverify® solution enables Coinbase to verify user ID cards/documents and then ensure the person holding the ID matches the identity on the card prior to approving increased buy/sell limits within the marketplace. This added level of security is enabled through the Jumio Face Match technology, which allows users to take a live webcam video of their face and compares it to a photo of their photo ID. During the Face Match video stage, the technology detects even the slightest facial movement, ensuring that the user is a real person, not a photo, and that they are a match to the ID being presented.
"Jumio is the best way for us to verify physical IDs and give our customers a frictionless experience to access and scale with our services, while ensuring we prevent ID theft-driven fraud, as well as meet regulatory requirements and KYC for safe and secure transactions," said Soups Ranjan, director of data science at Coinbase.
Jumio was tasked with ensuring Netverify could scale with the expansive growth of Coinbase by providing a digital ID verification solution that reduces fraud potential while also ensuring a quick and easy process for users. The seamless step in the process is completed in near real time for the customer. For both Coinbase and the customer, ID uploads that are completed almost instantly also provided a substantial improvement in both the customer experience and business productivity, as the previous identity verification process took up to 24 hours.
"The online payments space is evolving and expanding quickly," said Stephen Stuut, Jumio CEO. "We were confident that Netverify was a solution nimble enough to address the specific needs of Coinbase, yet robust enough to support its growing global marketplace. We're pleased that the solution has not only resulted in increased efficiency, but also aided in ensuring a frictionless customer experience."
For more details on Jumio, Netverify and Coinbase's use of the industry's leading digital identity verification solution, please visit the Coinbase Customer Case Study.
Jumio delivers the next-generation in digital ID verification, enabling businesses to reduce fraud and increase revenue while providing a fast, seamless customer experience. Jumio uses computer vision technology and biometric facial recognition to verify credentials issued by over 200 countries in real time web and mobile transactions. Jumio's solutions are used by leading companies in the financial services, sharing economy, retail, travel and online gaming sectors. Based in Palo Alto, California, and Funded by Centana Growth Partners and Millennium Technology Value Partners, Jumio operates globally, with offices in the US and Europe, and has been the recipient of numerous awards for innovation.
For more information please visit www.jumio.com.