Bitstamp improves identity verification and security with GBGroup’s technology

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From now on, the growing exchange Bitstamp will be able to verify hundreds of new customers per day, improving their security features at the same time. All this thanks to GBGroup, which is now responsible for the company’s identity verification field.

GBGroup is a global leader in the area of identity intelligence and that’s why Bitstamp has selected its ID3global solution to implement full identity verification services for its customers.

With almost 11 million Bitcoins in circulation and a market value around $1.4 billion (according to the current rates), safety is a concern that grows on a daily basis. And that is why exchanges feel the need to protect their customers from possible frauds. “Selecting GBGroup has provided the reliable infrastructure we needed to help push this disruptive new entrant in the currency market to its full potential. We cannot operate in the market that we do without knowing who our customers are, so we feel this deal represents a great match – as one of the leading Bitcoin traders we felt it was only right that we recruit the market’s leading Identity Verification business to protect our customers, wherever they are in the world. Moving forward Bitstamp is keen to lead the way by implementing the best practices that will shape and ensure the long term future of our market”, explains Nejc Kodric, CEO at Bitstamp.

With the help of GBGroup’s services, Bitstamp will be able to operate a safer marketplace. “Bitstamp will use the technology only to verify customers at the point of registration, to ensure that all user activity on Bitstamp is performed in a transparent manner while maintaining user privacy at the same time. Key factors in the selection process were the breadth and depth of the system’s international reach and GBGroup’s position as the most advanced global Identity Verification provider”, GBGroup explains on their website.

According to GBGroup’s managing director, “as the Bitcoin market, which is just one part of the wider cryptocurrency industry, continues to grow, it is increasingly important to demonstrate that the same best practices are observed as those used in traditional financial markets. Customers need to be confident that trading in Bitcoins is safe or they will go elsewhere”.

John Lord adds that “GBGroup has vast experience in Identity Verification and is excited to help innovative new markets to establish themselves and provide a safe business environment for their customers. We see this as just the first step – as more traders adopt advanced Identity Verification they will be laying the foundations necessary to keep Bitcoin alive, possibly even propelling it into a position where it can claim to be one of the world’s currencies of choice”.

Via finextra.com

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Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

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