CoinCola, a popular bitcoin and crypto exchange, announced today it has launched a new KYC (Know Your Customer) system from Onfido, an identity verification, and fraud prevention technology company.
The new CoinCola KYC system enables a simple and efficient identity verification process.
Users just log into the CoinCola app to capture and upload their ID documents in good lighting.
Onfido’s KYC technology then uses it to compare and cross-reference the user’s facial biometric with the identity document, such as passport, national ID card, etc.
Using manual and artificial intelligence (AI)-powered identity verification, Onfido’s authentication services verify documents and do selfie checks to prevent fraud.
Currently, CoinCola has a straightforward account tier structure.
For retail users, the volume limit is $1,000 USD if an account is not verified, once an account is verified there is no limit on an account.
Merchant users must complete identity verification.