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LocalBitcoins, Onfido adding more to their ID verification

Monday 21 December 2020 09:48 CET | News

LocalBitcoins has announced an expansion of their partnership with Onfido, adding more to the integration of their AI-powered identity verification technology.

The peer-to-peer Bitcoin marketplace LocalBitcoins has strengthened the Onfido partnership expansion to fight fraud on the market, using the Onfido Identity Verification and Known Faces solution to securely the identities of customers signing up for and transacting on the LocalBitcoins exchange globally.

For users opening an account, they take a photo of their government-issued identity document (ID) and a selfie to complete the verification process. Onfido first checks that the ID is genuine and is not fraudulent, and then matches it to the user’s face. 

This ensures the person presenting the identity is its legitimate owner and is physically present. Users looking to access higher trading volumes take a selfie video and a photo of their ID, giving LocalBitcoins more assurance in that user.

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Keywords: LocalBitcoins, Onfido, partnership, AI, Bitcoin, ID, onboarding, cryptocurrency, crypto trading
Categories: Blockchain & Cryptocurrencies | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Blockchain & Cryptocurrencies