The partnership enables nearly 10 million Blockchain wallet users to avoid lengthy delays resulting from purchase orders and extended Anti Money Laundering (AML) and Know Your Customer (KYC) verifications to purchase Bitcoin in a more secure and efficient manner. Over the past few years, KYC/AML regulations for Bitcoin trading platforms and exchanges have made Bitcoin funding burdensome for many users.
The elimination of heavy identity verification and other forms of confirmation means that companies will not be required to handle personal and sensitive information of its users, significantly reducing the possibility of data breaches and hacking attacks.
Executives of Coinify and Blockchain expect that the partnership will serve both banked and unbanked populations globally, by allowing Bitcoin wallet funding via credit and debit cards as well as bank accounts.
The Blockchain development team plans to test the Coinify integration with a small group of invite only participants in the UK. Upon the completion of its successful beta testing, Blockchain aims to expand its services across Europe and ultimately around the world.
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