Jumio launches Bitcoin Network to boost confidence in the crypto-currency ecosystem

Thursday 27 March 2014 13:34 CET | News

Jumio, the US online and mobile payments and credentials management company, has launched the Bitcoin Identity Security Open Network (BISON).

The network is aimed at boosting trust and confidence in the Bitcoin ecosystem by providing exchanges an efficient way to collect and validate buyer identities at the point of transaction via any connected device.

Transacting customers hold up their driver license or passport issued by over 100 countries to their device camera and Jumio’s integrated technology Netverify scans and validates the ID, extracts the personal info it contains and populates it into the transaction form. The buyer’s identity is used solely in the relationship with the exchange or wallet and does not change any aspects of the Bitcoin transaction flow.

Jumio has revealed plans to introduce an additional functionality which will enable an opted-in, validated customer on one exchange to be automatically validated on another without rescanning their ID.

Daniel Mattes, Jumio founder and CEO, stated that crypto-currencies, and Bitcoin chiefly among them, are an important new part of the payments world.

Initial members of the network comprise eight Bitcoin exchanges, wallets and ATM providers worldwide including BitAccess, SnapSwap, CoinMkt, Digital Currency Exchange of Texas, CoinRnr,, NoveltyLab and Bitnet Technologies.

Jumio is a payments and ID software-as-a-service company that uses proprietary computer vision technology to reduce mobile/online payment and ID friction and fraud. The company was founded in 2010 by CEO Daniel Mattes and is backed by top tier investors including Andreessen Horowitz, Citi Ventures and Facebook Co-Founder, Eduardo Saverin. Headquartered in Palo Alto, California Jumio operates globally with offices in the US, Europe and Asia.

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Keywords: Jumio, US, crypto-currencies, online fraud, online payments, Bitcoin, Bitcoin Identity Security Open Network
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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