As the world continues to move towards a mobile-first economy, digital identity verification has become increasingly important. In particular, the crypto industry has been at the forefront of developing secure and efficient identity solutions. Bitstamp, the world’s longest-running cryptocurrency exchange, has recently announced a partnership with Prove Identity, a leader in digital identity solutions, to strengthen its security and compliance controls while also expediting its user onboarding process.
Streamlining the Onboarding Process
Bitstamp is committed to providing its users with a seamless onboarding experience, and the integration of Prove’s Pre-Fill solution will allow users to streamline account openings and registrations while meeting the highest levels of compliance and security. Powered by the Prove Identity Network (PIN), the Pre-Fill onboarding solution pre-populates application forms with verified identity information tied to a phone number, while mitigating fraud through its patented, industry-leading identity framework.
The Pre-Fill solution prefills online applications with bank-grade data from authoritative sources, and authenticates consumer identities to thwart account opening fraud, such as synthetic identity fraud. Consumers benefit from a faster, easier, and more secure sign-up process, and information is auto-filled in a privacy-enhanced fashion only with the customer’s consent. The solution modernizes the account opening process by reducing clicks and keystrokes that limit conversions, and can onboard customers in under a minute.
Enhancing Security and Compliance
Prove’s solutions are used by more than 1,000 businesses across diversified industries, including 8 of the top 10 banks, 2 of the top 3 global cryptocurrency exchanges, 3 of the top 5 retailers, 2 of the top 3 healthcare companies, and 6 of the top 10 insurance companies in the U.S. By partnering with Prove, Bitstamp is able to further strengthen its security and compliance controls, as well as enhance the user experience.
The adoption of Prove Pre-Fill underscores Bitstamp’s commitment to providing its users with a safer, faster experience. In the current market environment, this partnership aims to remove barriers to entry where possible for users while also prioritizing safety. Prove’s identity solution product is expected to be fully integrated across all Bitstamp platforms, including web, Android, and iOS, for US clients by the end of March 2023.
Optimizing Marketing Spend
As Bitstamp continues to grow in the US, Prove Pre-Fill not only provides a strong user experience and compliant fraud mitigation platform, but also helps optimize marketing spend by decreasing abandonment rates – converting customers more frequently and more quickly. This partnership between Prove and Bitstamp is a prime example of how digital identity verification solutions can drive business growth and provide a competitive edge.
The Future of Crypto
As the crypto industry continues to expand, digital identity verification solutions will become even more critical. By partnering with Prove, Bitstamp is positioning itself as a leader in the industry by providing its users with a secure and efficient onboarding experience. The integration of Prove’s Pre-Fill solution is just the beginning of what’s to come in the world of digital identity verification, and we can expect to see further innovations in this space as the industry continues to evolve.
In conclusion, the partnership between Prove and Bitstamp is an exciting development in the world of crypto. The integration of Prove’s Pre-Fill solution will provide Bitstamp users with a faster, easier, and more secure onboarding experience while also enhancing security and compliance controls. As the crypto industry continues to expand, digital identity verification solutions will become increasingly important, and this partnership is a prime example of how these solutions can drive business growth and provide a competitive edge.
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