The strategic partnership between KYC compliance service provider iSignthis and the leading blockchain payments provider Coinify delivers service commencement of a new global product connecting blockchain payments, KYC identity & credit cards.
Instant bitcoin purchases with cards
Enabled by the AML and KYC services of iSignthis, the new payment product will allow instant bitcoin purchases on the Coinify platform. This development will support majority of the credit card types and will open the option to use Coinify Trade platform internationally.
The Coinify trade platform acts as a processor of up to 17 blockchain currencies, as well as an exchange. In a world first, identity will be able to be linked by end users to transactions, in order to meet AML/CTF regulations for customer due diligence and KYC. iSignthis will also refer their customers interested in processing ‘identified’ bitcoin to Coinify.
Understanding AML, KYC and blockchain payments
John Karantzis, CEO and Managing Director of iSignthis, said: “We are delighted to be working with Coinify on such an significant application of the blockchain. Coinify are the only blockchain currency company we have chosen to work with, as commercial development of the application requires cooperation across a number of areas.
Coinify brings a solid understanding of the KYC requirements to bring digital currency to industry at large, employed on the highest standards, together with a very effective anti-money laundering programme.”
Cards issued outside SEPA area
“Cooperation with iSignthis strengthens our efforts for proactive compliant regulation and gives us high integrity", says Coinify CEO and co-founder, Mark Højgaard. "Coinify can now offer even stronger product, both in terms of usability and accessibility".
"I can see a lot of opportunities coming from the expansion of Trade services beyond the SEPA space, meaning that now both the payment processing and the trading parts of our platform, are globally available.” The result is that Coinify Trade will begin accepting MasterCard and VISA credit cards issued outside the SEPA area, including those not supporting 3D Secure."
Securely buy bitcoins
Hamed Sattari, CTO at Coinify, has specified on the functionality of the new product: “Buying bitcoin is often associated with a cumbersome verification process and slow delivery times. Allowing customers to securely buy bitcoins and have them delivered instantly is a very sought-after service in the eyes of our customers and also one of our main goals.
Using iSignthis’ services, we get a strong customer authentication and a smooth KYC process that ties cards to a specific user. This provides us a secure token that can be used onwards for making instant purchases with extended security and PIN code.”
About CoinifyCoinify ApS operates as a blockchain payment service provider with focus on extending blockchain currency payment processing and trading services to merchants and consumers respectively. Coinify serves global Payment Service Providers, online businesses, physical shops, and individuals.
Coinify Merchants solution supports 17 blockchain currencies including bitcoin globally with an option to receive payouts in local currencies. Custom API and shopping cart plugins enable seamless integration for online businesses, while the physical shops can use the Coinify POS mobile application for on-site payments. Trade customers can buy and sell bitcoin using their credit card or via bank transfers in their local currency, as well as enjoy the advantages connected with increased volumes in the form of four account levels.
The company was incorporated in 2014 and is backed by a multi-million dollar capital injection from SEED Capital (funded by the Danish government) and Accelerace. Headquartered in Copenhagen, Denmark, Coinify is the leading blockchain payment service provider (bPSP) with strong presence on the European and Asian markets.