iDenfy unites with CoinBeam to secure the blockchain network through ID verification

Contact: Eva Azaraviciute         FOR IMMEDIATE RELEASE

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CoinBeam will use iDenfy’s biometric identity verification to enhance customer onboarding

Kaunas, Lithuania (October 20, 2022) - iDenfy, the global identity verification and fraud prevention startup, announced a new partnership with CoinBeam, the digital banking platform helping financial players generate crypto income. Using iDenfy’s remote ID verification solution will ensure security and a smooth new user registration process for CoinBeam.

Despite the velocity of digital assets, the interest in cryptocurrencies rose significantly in the past few years, making crypto a significant interest for both institutions and individuals. Even those that don’t own any digital assets are coming forward with being open to investing in cryptocurrency in the near future.

According to a recent survey from Binance, asked about crypto, 97% of people view crypto as a viable investment and a secure way of earning income. Asked about security in the evolving crypto ecosystem, iDenfy stresses that businesses must prevent fraudulent attacks by implementing a secure identity verification service.

As claimed by iDenfy, the growing popularity of cryptocurrencies has naturally presented more opportunities for bad actors to compromise crypto assets. Being in the digital financial sector, CoinBeam understands the importance of such challenges. CoinBeam’s secure blockchain platform allows banks, credit unions, and financials to generate new revenue streams in the crypto space while reducing associated risks.

CoinBeam is a plug-n-play B2B2C SaaS where banks can benefit from blockchain technologies by holding, sending, buying, and selling cryptocurrency. The company is also known for its rewarding loyalty programs, credit card cashback, and compatibility with wholesale and retail. The blockchain business also promotes high security and data privacy standards. Accordingly, CoinBeam prioritized secure, end-to-end identity verification providers when searching for a new Know Your Customer (KYC) solution.

As specified by iDenfy, a flexible and user-friendly identity verification solution is vital in the digital sphere to maximize security for a platform like CoinBeam. With KYC tools, iDenfy provides fraud prevention services, helping businesses comply with ever-changing regulations. The startup’s biometric ID verification is fully automated and exclusively ensured by real-time human supervision, which means that iDenfy’s KYC experts manually review each user’s verification.

By partnering with ConBeam, iDenfy managed to speed up the verification process, guaranteeing that only real clients are onboarded to the blockchain platform. With the new verification service, CoinBeam’s users go through a remote four-step procedure, which takes less than a few minutes. iDenfy’s biometric and face recognition algorithms prevent fraud by instantly rejecting the use of pictures of faces, 3D masks, and other fakes or renderings during the verification process.

“iDenfy’s easily integrated verification service helps us reduce fraud risks. Onboarding and compliance are now easier, as we can manage the services without implementing all the solutions from scratch. We don’t need to develop our software, as iDenfy takes care of the identity verification completely.” — said the CPO of CoinBeam, Javier Díaz.

“Our team aims to ensure a smooth verification process without compromising security. We’re grateful to partner with a responsible business, CoinBeam, which now onboards new customers easier with our AI-powered solution.” — added Domantas Ciulde, the CEO of iDenfy.

About iDenfy

iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML and KYC compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best “Fintech Startup” in 2020. The company also received recognition for winning a Baltic Assembly Prize for innovation in 2021.

For more information and business inquiries, please visit

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