decrease in time to onboard a customer
The challenge
CoinDCX is India’s safest cryptocurrency exchange, giving customers the ability to buy and sell cryptocurrencies with ease. Today they serve over 3.4 million customers, and they’re growing. Fast.
Establishing themselves as a secure exchange is essential to growth. The Indian regulator briefly banned banks from working with Indian crypto firms domestically, and although this decision was reversed in 2020, it’s been an uphill climb for crypto firms to establish trust. With a lack of a local regulatory framework in place, CoinDCX put a focus on increasing market confidence with a self-regulatory model for KYC.
Beyond regulation, CoinDCX wanted to ensure that their customers are safe from fraud. Without appropriate checks and balances in place, customers less familiar with cryptocurrencies could be exposed to identity fraud. And as an online service, CoinDCX had to build face-to-face confidence in their customers without physically meeting them.
Through all of this, CoinDCX had to ensure that their business could scale. Marketing campaigns and crypto bull runs would cause an influx of new users, but would also increase stress on CoinDCX’s manual verification teams. CoinDCX wanted a smarter approach to protecting their customers and their business. That’s where Onfido came in.
The solution
CoinDCX partnered with Onfido to verify customers before they start trading on the platform. After completing sign-up in the app, CoinDCX customers are asked to verify their identity by submitting a photo of their government-issued ID and a Selfie Video, powered by Onfido.
Combining Onfido with passive signals, CoinDCX is taking a holistic view of mitigating fraud and compliance. And that’s why they chose to partner with Onfido: for our extensive range of verification products from Document and Biometric verification, to sanctions watchlists.
Ram Subramanian, Head of Brand & Comms, CoinDCX
The results
CoinDCX’s mission is to make cryptocurrency accessible to all Indians. With Onfido, they’re able to navigate this mission with confidence.
The combination of Onfido’s ID, Selfie Video, and Watchlist products gives the CoinDCX team confidence that they’re verifying customers with the right level of trust. So CoinDCX are able to offer a safer and more secure experience for customers, and can better protect their business from regulatory risk. The whole identity verification process takes just 5 minutes, 99.7% faster than with prior manual methods that would take 24 hours, meaning that customers can start trading sooner.
Onfido’s hybrid approach of automation and human experts is setting up CoinDCX for trusted verification at scale. Onfido automatically verifies and clears most customers that submit an ID and a Selfie Video, meaning that CoinDCX’s manual team can refocus efforts on assisting customers that really need help. As CoinDCX scale through seasonal marketing campaigns and unpredictable crypto bull runs, they can trust that Onfido will keep their customer onboarding running smoothly.
What next? CoinDCX’s focus is growing their customer base and expanding their financial services offering. As they expand into new territories and document types, they can be sure that Onfido’s global coverage is there to support them. Find out more about at coindcx.com.
About CoinDCX
Launched on April 8th, 2018, CoinDCX is an Indian company specializing in crypto-enabled financial services. CoinDCX is bringing a revolution with its crypto-based products by developing borderless financial services that ensure a faster, simpler, flow of capital. Through its array of products, and backed by industry-leading security processes and insurance protection, CoinDCX is upgrading lives every day.
