Paxful, the leading peer-to–peer (P2P), cryptocurrency trading platform, is now available selected iProov to provide service for verifying user identity during onboarding and transactions
Based on Paxful’s objective of offering significant access to crypto, the partnership with iProov will be a stepping stone toward a more secure user experience.
George Georgiades, Paxful’s chief compliance officer, pointed out:
“We need to ensure we provide the highest level of security and peace of mind to users. iProov’s technology allows us to safeguard against fraud and theft for our community while ensuring continued access and growth of the platform.”
iProov is a trusted online facial biometric authentication company that uses Liveness Assurance technology. This technology authenticates that the user is real and not an imposter.
Paxful users can now perform face verifications while completing transactions through the partnership. Instead of using a one-time password (OTP), or a short face authentication, this will allow them to do accurate face verifications.
Andrew Bud, iProov’s CEO, stated:
“With the tremendous influx of new users into the crypto space comes an even greater invasion of fraudsters looking to empty or take over accounts or even hold them for ransom.”
Furthermore, iProov will make new Paxful users’ onboarding seamless as more people continue eyeing the crypto space. Bud added:
“Paxful’s mission is a critical one that helps connect the underbanked and unbanked around the globe to financial opportunities and stability. We are delighted to support them in offering inclusive and secure remote verification measures to protect their users.”
Paxful created its first crypto debit cards in 2020 in order to further its mission of financial inclusion for the unbanked or underbanked.
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