Onfido reduces KYC verification for CoinDCX: Sumit Gupta

CoinDCX, India’s largest and safest cryptocurrency exchange, announced a partnership with global identity verification and authentication company Onfido, to digitally automate CoinDCX’s entire KYC process while making it faster than ever. Onfido's technology uses artificial intelligence ( AI) to help verify users’ identities swiftly and securely while preventing fraud, enabling CoinDCX to onboard users in under 5 minutes while meeting KYC regulations.

Here, Sumit Gupta, CEO, tells us more.

DQ: What will the CoinDCX and Onfido partnership look to achieve?

Sumit Gupta: CoinDCX and Onfido have partnered to achieve the following:

* Enhancing user experience with ease of use and OCR autofill.

* Meet regulatory obligations and reduce risks.

* Faster onboarding with digital identity verification.

By integrating Onfido’s AI mechanism we can not only simplify the KYC experience for users, but also give our users peace of mind by providing the highest level of fraud protection. Onfido’s cutting-edge and next-generation technology will enhance CoinDCX’s compliance, safety, security and performance, as it has with so many other companies in the past.

* Reduced the KYC verification time. Now, it is reduced from 24 hours to 5 minutes.

DQ: How can CoinDCX verify users' identities? There are many ways to commit fraud. Will this be fool proof?

Sumit Gupta: Onfido has been in the identity management sector for quite some time now, and their AI is able to identify the frauds way better to handle AML and PEP cases tagged at a global level. They support 4,500 identity documents across 195 countries.

DQ: Elaborate on the onboarding process for users.

Sumit Gupta: After partnering with Onfido, our onboarding process has been reduced down to 5 minutes. Users can start their KYC process directly on their phone. A QR code is generated when you click on the ‘Verify KYC’ link, which redirects you to a webpage where the document submission process begins.

All you need to do is upload the back and the front side of your ids by clicking their pictures. You are also asked to upload a selfie. This also helps us to maintain the latest records of the user. Onfido verifies the details in the images of your IDs with the details you have submitted to us. If the images of both IDs and selfies are clear, and there are no disparities in the submissions, the KYC is verified within 5 minutes.

DQ: Cryptocurrency exchanges are also hackable. What preventive measures have been taken?

Sumit Gupta: We have a three-layer protocol for security. Additionally, we advise users to install 2FA on their devices and periodically remind them not to reveal one-time passwords (OTP) that they receive for various activities on the platform.

DQ: Elaborate on the TryCrypto initiative that provides helpful tools.

Sumit Gupta: There are several tools.

* TryCrypto is an initiative that aims to onboard 50 million Indians onto crypto.

* Funds allocated towards educational initiatives, seminars, and online courses (15%); roadshows and awareness campaigning (25%); meetups, community events, and community engagement (25%); and to product trials (35%).

* CoinDCX will roll out DCXLearn, a full-fledged crypto learning program.

Currently DCXLearn is accepting the early entries of up to 5,000 users. One can join it by registering on https://dcxlearn.com/coming-soon/.

DCXLearn is geared towards giving first-time crypto users a sufficient knowledge base to help them navigate the cryptocurrency market safely and securely.

DQ: What is being done to spread awareness about cryptocurrencies in India?

Sumit Gupta: There are many ways this is being done. The CoinDCX’s TryCrypto initiative is steadily making progress towards increasing awareness and adoption about cryptocurrencies. There are various communities dedicated to cryptocurrencies and blockchain, that organize several meetups, every month to help new people understand the basics of crypto.

CoinDCX has rolled out early access to DCXLearn, a full-fledged crypto learning program, which is geared towards giving first-time crypto users a sufficient knowledge base to help them navigate the cryptocurrency market safely and securely.

I have also penned several articles in mainstream, as well as eminent cryptocurrency publications, that iterate on the need for smart and sensible regulations on crypto in India.