Mobile Commerce

IdentityMind Partners with Jumio to Create Bitcoin Compliance Program

Earlier this week, IdentityMind announced at the Inside Bitcoins event in New York that they will be partnering with Jumio and launch its IGNITE program.

The program will provide anti-money laundering (AML) Bitcoin compliance for major Bitcoin exchanges.

The transactions will be monitored for startups through “Know Your Customer” (KYC) services. A representative of the IdentityMind team reported that compliance is necessary to ensure security.

“We’ve seen that it’s very difficult for many Bitcoin startups to assess when they’re going to launch,” IdentifyMind Global’s CEO & President Garrett Gafke told Coin Report. “The idea is that with our IGNITE program, companies can launch, and start processing transactions, while having the tools to meet FinCEN regulations and establish the banking relationships they need to grow.”

Both companies hope to enhance identity verification technologies and databases available to IdentityMind clients. Government-issued documents can be verified through the service to help prevent forgery. This will also make bitcoin transactions safer.

Prevention from money laundering has been battle within the bitcoin community, and IGNITE hopes to put an end to the abuses of digital currencies.

“What’s Hot” is aggregated content. claims no responsibility for the accuracy of the content published by the original source.



Latest Insights:

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. In the November 2019 AML/KYC Report, Zillow’s Justin Farris tells PYMNTS how the platform incorporates stringent authentication without making the onboarding and buying experiences too complex.

Click to comment