Cryptocurrency startup Nexo partners with Onfido to meet the highest KYC/AML compliance standards and automation

Cryptocurrency is boooming, so is the challenge of identifying crypto clients. While cryptocurrency market remains a largely unregulated space, government and financial regulators around the world are closing monitoring the market. Cryptocurrency also led to increase in regulatory
pressures concerning Anti-Money Laundering (“AML”) and compliance with  Know Your Customer (“KYC”) requirements. As such, crypto companies, just like regular finance companies, have responsibility to verify the identity of their customers. That is why Nexo, the world’s frst instant crypto-backed loans, is partnering with Onfido to meet the highest KYC/AML compliance standards and automation.

Nexo is the world’s first crypto-backed loans powered by Credissimo, a leading European fintech group founded in 2007.  Nexo provides instant loans to anybody via collateralization of digital assets. Users in need of a loan would lock up their cryptocurrency and immediately receive fiat money to spend in their Nexo Credit Card or in their own bank accounts via same/next-day bank transfer. The Nexo credit card is free for Nexo users and charges no extra fees. The credit limit is tied to the market value of the digital assets within the user’s wallet, and the user may pay off their outstanding balance with fiat, a percentage sale of the digital assets in their wallet, or NEXO tokens. In less than a year, Nexo has over $1 billion in Instant Crypto-backed Loan requests.

Nexo announced its partnering with Onfido, the leading KYC/AML enterprise, providing automated identity verification solutions for other giants like Coinbase, TransferWise, Kraken, Revolut, CME Group and many more. The partnership will allow Nexu to leverage Onfido’s capability for users’ identity validation, which helps to simplify the process of obtaining instant crypto-backed loan provided by Nexo.

Onfido is the leading KYC/AML enterprise, providing automated identity verification solutions for other giants like Coinbase, TransferWise, Kraken, Revolut, CME Group and many more. With a team that has a substantial track-record in the credit facilitation industry, Nexo continues to strive for new heights in terms of transparency and compliance with global Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. Onfido’s cutting-edge verification engine allows user identity validation without sacrificing on the user-friendliness of the Nexo platform, thus enhancing the entire experience for crypto enthusiast who opt for a credit line instead of selling their crypto and foregoing the upside potential it has.

Onfido builds trust in an online world by helping businesses digitally verify people’s identities.Using machine learning technology, Onfido validates a user’s identity document and compares it with their facial biometrics. The identity can then be cross-referenced against international credit and watchlist databases. Founded by three entrepreneurs from Oxford University, Onfido has received over $60m in funding from investors including Microsoft Ventures, Salesforce Ventures and Crunchfund. They carry out checks in 192 countries for global customers including ZipCar, Couchsurfing, Revolut and Square.

As part of the partnership, Onfido will handle document and facial check for Nexo. This guarantees a result for the on-boarding process within 60 seconds in most cases, which is in line with expectations for Nexo’s instant crypto-backed loans, as we value the need for swiftness of operations. The neat verification flow ensures peace of mind for both Nexo’s customers and Nexo as a company. It is furthermore another step for Nexo towards championing self-regulation and designing codes of conduct that will ensure that innovative Crypto FinTechs are here to stay and cannot be challenged on compliance topics by established institutions and governments as was the case in the early wild, wild west days of the blockchain space.

Below is a video of the overview of how Nexu works.

https://www.youtube.com/watch?v=hRY0vyDizdo