Passbase will be accepting bitcoin and ethereum, signalling confidence in and commitment to the crypto industry.
NEW YORK and BERLIN, June 30, 2021 /24-7PressRelease/ — New York-based identity verification solutions company Passbase has just announced that it is accepting cryptocurrency as payments for client companies. Passbase will be accepting bitcoin and ethereum for companies using its Know Your Customer (KYC) check and compliance services on an annual plan.
In October, 2020, the world’s first-ever brick-and-mortar business to accept bitcoin, Room 77, closed. (CoinDesk) Now, Berlin-based startup Passbase becomes the first-ever identity verification provider in the world to accept cryptocurrency.
The cryptocurrency market is growing fast, and it still lacks a dedicated solution for identity verification and compliance.
KYC in the US is a $350m market today and is expected to grow with a 50%+ CAGR until 2023 according to One World Identity. Regulatory crackdowns in major markets are expected to further fuel the need for industry-specific KYC solutions.
Based on a survey conducted by Jump Capital, 47% of crypto exchanges with a KYC vendor are actively looking to change vendors.
Bringing bank-grade security and compliance to an emerging market
In the last four years, the crypto industry landed $2.3 billion in fines (Markets Insider) as regulations tighten.
Since 2020, there have been a wave of new regulations for cryptocurrency, such as the FATF Recommendation #16, commonly known as the FATF Travel Rule, FinCEN’s proposal to regulate cryptocurrency with KYC checks, and the 6th Anti-Money Laundering Directive in the EU.
Many existing solutions providers have developed KYC services tailored for financial sectors, leaving digital-native crypto companies to assemble KYC checks and regulatory compliance programs on their own.
Passbase’s identity verification solution was developed as a pivot from the company’s origins as a cryptocurrency wallet, Coinance.
“We built Passbase to solve our own problem back in 2018 to allow our customers to prove who they were and manage their digital identity across different crypto platforms,” says Dave McGibbon, CEO and co-founder of Passbase. “Crypto companies need secure KYC solutions that are easy to integrate for engineering teams and user-friendly for customers.”
Since its official launch in late 2019, Passbase has been adopted by crypto leaders such as crypto and fiat exchange Ramp, AVA Labs for its ICO, Linus, and the crypto wallet platform for videogames, Zebedee.
Passbase is a next-generation identity verification provider that helps companies solve their digital identity challenges in a compliant, privacy-oriented and user-centric way. Its developer friendly, highly customisable tools and flexible pricing allow companies to incorporate ID verification, AML compliance, and age verification into their products and platforms. By building a trust infrastructure for the internet, Passbase keeps businesses compliant and secure, and end users safe.
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