Cryptocurrency exchange company Birake Exchange has partnered with ID verification firm IDVerse for KYC onboarding and safe digital identity verification. The strategic deal is set to allow Birake Exchange to ensure the ethical and secure use of its exchange by verifying the identity of its customers and clients.

The users of Birake Exchange will not be enabled to withdraw their funds on the Birake Exchange services until their accounts have been verified and approved as secure by IDVerse. The partnership follows the efforts that companies all around the world put in the process of regulating the activities of the cryptocurrency industry, as a result of the overall crypto-asset market experiencing significant challenges since the beginning of 2022. The IDV process will take place by registering the customers, which will give them the possibility to receive an invitation to verify their identity.

In order to begin the verification procedure, users will need to input their phone number, where they will receive an SMS with a link to start the onboarding experience. For identity verification, customers can use an ID document, such as a driver’s license, passport, ID card, as well as photo card, depending on the region they are in. The fully automated generative AI solution of IDVerse was developed to verify new users for thousands of documents and multiple languages and typesets, without the need for human intervention.

The partnership will focus on meeting the needs, preferences, and expectations of Birake Exchange customers, while also remaining compliant with the anti-money laundering (AML) and Know Your Customer (KYC) regulations. IDVerse’s recent partnerships and developments IDVerse had multiple collaborations and launches in the last couple of monsth, covering different geographic regions across the globe. In September 2023, online gaming software supplier Playtech announced its partnership with IDVerse in order to scale the player onboarding and verification processes.

Throughout this strategic deal, Playtech was set to offer its customers and clients integrated and secure access to a service that was designed to remotely onboard players around the world. Furthermore, operators were given the opportunity to implement IDVerse’s Zero Bias AI technology within their platform, which focused on allowing clients and users to improve player onboarding and reduce fraudulent activities and risks. The integration also allowed operators to instantly verify new players globally, on any smartphone device, without the need for an agent intervention.

This resulted in an overall reduction of the drop-offs, as well as near-instant outcomes. Earlier in the same month, IDVerse announced its collaboration with Australia-based online leading platform Nimo Industries in order to accelerate client onboarding when they applied for a loan. Following this partnership, Nimo aimed to use IDVerse’s set of solutions in order to verify a customer’s identification so that the loan could be originated in a fast and secure manner.

The strategic deal also focused on optimising Nimo’s global expansion plans. According to the press release published at the time, the collaboration also enabled digital processes for settlements, contracts, as well as signatures, while simplifying mortgage origination, optimising the digital transformation of lenders, and promoting the adoption of digital lending across the globe. .