Onfido selected by HBUS to develop a scalable marketplace for virtual currencies

23 July, 2018
Technology

HBUS, the US-based strategic partner of crypto exchange Huobi, has recently announced that that is has collaborated with TempoCap portfolio company Onfido to develop a scalable marketplace for virtual currencies.

Onfido uses machine learning technology to validate a user’s identity documents and then compares it with their facial biometrics. The company currently carries out checks in 192 countries for global customers, including ZipCar, CouchSurfing, Revolut, and Square.

Through the collaboration, HBUS aims to carry out mandatory Customer Identification Program (CIP) checks on traders who intend to obtain level 2 verification status on its exchange platform.

HBUS chief compliance officer Harry Zhou, said: “We needed a partner that would help us not only meet with compliance requirements but go above and beyond them to provide the most secure experience possible to our customers. Onfido gives us that.”

“Their machine learning technology gives us the confidence we need in our CIP/KYC processes, without compromising on the speed that’s essential to our platform as we continue to scale.”

Onfido, CEO and Founder Husayn Kassai, added: “We’re excited to be supporting HBUS in their aim to make crypto-currencies more mainstream. In the digital age, trust and security are crucial, and we’re proud to help deliver that to HBUS’ growing community of investors around the world.”

Ash Puri, Investment Partner at TempoCap, commented: “This latest collaboration for Onfido demonstrates their expertise in the market, as they support businesses to build trust in the online world. Their technology, processes and team are a compelling proposition to companies who are looking to ensure compliance and security.”

 

To discuss our approach to investing, and how we support founders who are leveraging technology to address big markets and serve the needs of customers, contact:

Sibylle Pilotaz

sibylle@tempocap.com

 

Stay in touch with the TempoCap team

Subscribe to our quarterly newsletter to receive news from TempoCap and our portfolio

You may unsubscribe from these communications at anytime. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, check out our Privacy Policy.