Onfido is teaming up with Civic to provide secure customer onboarding for the latter’s upcoming cryptocurrency wallet. The blockchain-based Civic Wallet will allow users to store and trade cryptocurrencies without sharing any superfluous personal information, providing account access through a private key that will be stored on the user’s mobile device.
Onfido will make it easier to open a new account, providing facial
recognition tech that matches a photo of a government ID against a person’s facial
features during registration. Together, the two companies are hoping to give
people more control over their personal information, allowing them to carry out
secure cryptocurrency transactions without the need to disclose that
information to a third party.
“We chose to partner with Onfido because they share our
vision of providing everyone with a digital identity they control,” said Civic Co-Founder
and CEO Vinny Lingham. “Their AI verification technology delivered higher pass
rates without compromising on fraud protection.”
“We are privileged to work together in pursuit of using
blockchain for decentralized identity management,” added Onfido Co-Founder and
CEO Husayn Kassai.
The Civic Wallet has redundant backup systems that will allow people to recover their accounts if their mobile device goes missing, while the introduction of reliable identity verification will eventually enable the purchase of age-restricted goods like alcohol. It’s also another bit of good news for Onfido, which has partnered with Checkr and raised $50 million in capital in the past few months alone.
The Civic Wallet is expected to launch sometime in the fall.
August 8, 2019 – by Eric Weiss