Identity verification platform Onfido has collaborated with crypto payments provider BitPay to accept Bitcoin payments.
After accepting the Bitcoin on behalf of an organisation, BitPay converts it into fiat currency in one to three business days.
The partnership will be mutually beneficial, enabling BitPay to leverage Onfido’s technology for complying with KYC requirements.
The technology of Onfido is said to enable BitPay sign up more customers rapidly.
Onfido also said that its technology will allow BitPay to combat fraud without compromising its ability to scale.
BitPay president and CEO said: “We selected Onfido as our internal identity verification platform as it had the most robust functionality and was easiest to use.”
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The tie-up is said to support Onfido’s expansion into international markets where credit card payments are of little worth.
This will be made possible through BitPay’s ability to facilitate transactions from any computer or mobile device, enabling Onfido to make its offerings available to even unbanked users.
Onfido CEO and co-founder Husayn Kassai said: “Partnering with Bitpay was the obvious choice for both our businesses.
“BitPay enables us to securely service more people in a way that is cost-effective and quicker than a bank wire, while we can deliver them the most trusted identity verification service in the crypto space.”