IDchecker, BitPay Partner for Stronger Bitcoin KYC

April 24, 2014

Bitcoin processor BitPay and identity verification technology provider IDchecker have partnered to offer Bitcoin exchanges “high-speed and user-friendly ID verification solutions.” The companies noted that, while Bitcoin is growing in popularity, its anonymous nature has subjected it to a growing level of government and regulatory scrutiny.

Bitcoin’s survival as a medium of exchange online will rely, to some extent, on how well companies in the space can convince regulators they are doing the right thing. Strong KYC policies on the part of Bitcoin exchanges and processors will only help establish trust, according to Crystal Campbell, BitPay’s director of merchant compliance.

“As a global organization, it is very important for us to be able to ‘KYC’ our new merchants in a timely manner,” Campbell said. “Using IDchecker allows us to do this quickly and efficiently, saving us time and money.”