Onfido to supply KYC solution to cryptocurrency storage solution Mode

From: RegTech Analyst

Digital identity platform Onfido will support the onboarding and know your customer (KYC) processes of UK cryptocurrency banking app Mode.

The partnership enables Mode to access Onfido’s AI-powered verification technology to ease the onboarding of new customers. Using Onfido, a user only needs to take a photo of their government-issued ID and a selfie, which will then be compared and verified by the AI solution.

Additionally, Mode is also utilising Onfido’s capabilities to alleviate pains of verifying an address.

Mode was founded in 2018 to combine the benefits of traditional and digital finance. The app provides users with a place to buy, store and manage their Bitcoin in accounts which earn interest.

Other benefits of the platform include cash loans backed by cryptocurrencies, investment products, and virtual and physical cards.

Mode head of product and partnerships Janis Legler said, “Creating a seamless user experience has been critical in the makeup of our mobile application.

“We are proud to work with Onfido, who closely align with our values and ambitions in this evolving space. Since inception, Onfido has been a true pioneer in the “RegTech” field, bringing credibility to the industry as a whole through its best-in-class AI-driven approach. We are thrilled to be able to show the world how we have integrated this solution and how it provides a unique user experience.”

Last year, Onfido formed a partnership with one-click legal entity verification solution Entify.

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