Mitek, which is a provider for solutions in the field of digital identity verification, has announced today that it will provide its services for DXE, a new cryptocurrency exchange based in Netherlands. The solution will be used to provide means for DXE to comply with identity verification during the Know Your Customer procedure that the company is having for its live launch.
The objective of the new exchange is to be fully prepared for future regulatory requirements that may happen in the future and using the technology of the other company is a way to be ahead of the enforcement of anti money laundering laws that have been extended to wallets and exchanges in some countries.
By using Mitek’s Mobile Verify, the company hopes to use advanced AI and machine learning algorithms that can help it to verify all the new customers as they register in real time. The new applicants for the KYC procedure will be able to capture images of their documents with the phone and the company will authenticate these documents as soon as they are submitted.
The main advantage is that this process is considerably faster than most of the other ones and enables a seamless way for DXE to satisfy future regulation.
The CEO of DXE, Ernstjan Overduin, understand that this partnership is a good way to demonstrate that his platform can be trusted by regulators and by the public. The goal of the company is to make trading simple and effective and this new tool offers a great opportunity for doing that.
The managing director of Mitek, René Hendrikse, explains that as the cryptocurrency industry grows, more mainstream it gets to be and that is why more and more businesses are starting to adopt KYC regulation that is used on other markets. Companies like DXE, he states, are predicting the future and getting prepared and his company is willing to help.