A Safer Way to Enter the Blockchain World: iDenfy Will Help Onboard HollaEx Customers

    KAUNAS, LITHUANIA, May 05, 2022 /24-7PressRelease/ -- The Lithuanian fraud prevention startup, iDenfy, partners with HollaEx, an open-source blockchain platform for businesses. iDenfy's identity verification solution will help spot phishing and fake profiles in real-time.

While cryptocurrency dropped its conspiracy shield and proved its secure role, some platforms still lack proper security measures on their part. Due to ever-changing regulations o, criminals use the blockchain infrastructure to conduct their crimes undetected.

BBC reports that scammers laundered $8.6 billion in crypto last year, scoring a 30% increase from 2020. To eliminate the chances of fraudulent transactions, organizations look for reliable, fool-proof security measures, such as identity verification.

According to HollaEx, due to crypto's global nature, waiting in a queue isn't the exact expectation of today's users; therefore, the accuracy and simplicity of iDenfy's Know Your Customer (KYC) solution made an impact on the decision to partner with them.

The biggest project of HollaEx, HollaEx, is a white-label software that provides a fast cryptocurrency exchange framework. Businesses using HollaEx are able to create coins, markets, and provide crypto services to their customers in minutes. The company's goal is to reduce the complexity around technology and provide the necessary tools to help businesses get into the blockchain niche.

iDenfy's vision comes from a similar nature. The company will cover the administrative part of the full-stack identity verification, simplifying operational difficulties for their partners. iDenfy's end-to-end KYC solution will guarantee full compliance with the latest regulations while providing a secure, smooth experience for bitHiolla's clients. The revamped, AI-powered ID verification plugin allows customers to complete the whole application process in four steps.

According to HollaEx, the new software is five times faster than its previous manual solution. iDenfy's automated identity verification system has an inbuilt Anti-Money Laundering (AML) check; this way adds an extra layer of security and reduces unnecessary operational difficulties.

"Our partnership with iDenfy secures our customers' data and helps provide our clients with a faster, safer identity verification process, which is essential in our field. We're glad to partner with a responsible company that doesn't compromise on security while, at the same time, helping provide a smooth user experience for our blockchain enthusiasts." — noted the Co-Founder at HollaEx, Ali Beck.

According to the CEO of iDenfy, Domantas Ciulde, "Our goal is to help businesses connect with honest customers with confidence and without worrying about compliance or complex operational administration. Identity verification is a way to form a relationship based on trust, and that's why we're very grateful to partner with HollaEx."

iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML and KYC compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named as the best "Fintech Startup" in 2020. The company also received recognition for winning a Baltic Assembly Prize for innovation in 2021.

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