Cryptocurrency banking platform Baanx has selected onboarding platform HooYu to help with its know your customer processes.
The agreement will see Baanx integrate the HooYu KYC solution to ease the onboarding of new customers and streamline the application procedure, according to a report from FStech.
Hooyu cross references and analyses data from an individual’s digital footprint and real-world identity as well as verifying data from ID documents and a facial check selfie. The company has built a database which connects 180 million people,, 14 million businesses, 32 million UK addresses, 57 million phone numbers and 18 million email addresses, it claims.
Last year, the company formed a deal with betting platform Betfred, helping the gambling site to ease the onboarding of new customers.
Garth Howat, chief executive at Baanx, told FStech, “It’s important that as the crypto industry matures and scales, that we all adhere to KYC regulation.
“That said, we haven’t chosen HooYu solely to help us comply with the money laundering regulations, HooYu also helps us to curate a smooth KYC journey and improve our onboarding success rates.”
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