Bitcoin Companies Partner with Jumio for Stronger Authentication
March 27, 2014
Jumio, a Palo Alto-based technology company specializing in identity authentication for mobile and online transactions, today said it is partnering with eight Bitcoin companies in an effort to jumpstart a culture of self-regulation in a cryptocurrency environment. The Bitcoin Identity Security Open Network (BISON) hopes to engender trust in an ecosystem that has endured more than its share of bad publicity. Members of the network—exchanges, wallets and ATM providers—will leverage Jumio’s Netverify technology to validate the IDs of Bitcoin users by scanning them with their smartphone’s camera. It also will populate the personal information on the ID into any transaction form being used. The process will bolster the KYC process for all the companies in the network.
“We believe that crypto-currencies, and Bitcoin chiefly among them, are an important new part of the payments world, however, to reach their full potential it’s time to instill a higher degree of confidence in the system,” said Daniel Mattes, Jumio founder and CEO. “The vast majority of Bitcoin users are honest and engaging in a range of legal transactions, but a small minority are not and that threatens the entire ecosystem especially during this formative period. BISON is designed to minimize the problem by weeding out those who use false or manipulated IDs which is a strong indicator of intended fraud or other illegal activity.”
In addition to Jumio, other initial members of BISON include BitAccess, SnapSwap, CoinMkt, Digital Currency Exchange of Texas, CoinRnr, Hashop.io, NoveltyLab and Bitnet Technologies.