CoinCola, a popular bitcoin and crypto exchangetoday announced the launch of a new KYC (Know Your Customer) system from Onfido, an identity verification and fraud prevention technology company.
Currently, CoinCola has a simple account level structure:
- For retail users the volume limit is $1000 if an account is unverified, once an account is verified there is no limit on an account.
- All merchant users must complete identity verification.
The new CoinCola KYC system allows for a simple and efficient identity verification process.
Users simply log into the CoinCola app to capture and upload their ID documents in the right light.
Onfido’s KYC technology then uses it to compare and cross-check the user’s facial biometrics with the identity document, such as passport, national ID card, etc.
Using manual and artificial intelligence (AI)-based identity verification, Onfido’s authentication services verify documents and perform selfie verifications to prevent fraud.