Identity verification solutions by iDenfy will help Cashaa operate smoothly in the Indian Crypto market and meet the guidelines by Reserve Bank of India.
Kaunas, Lithuania – iDenfy, one of the renowned identity verification solution providers in Lithuania, announced that it has partnered with crypto-friendly neo-bank Cashaa, based in London that helps individuals and businesses to manage fiat and crypto.
The aim of this partnership is to help Cashaa comply with RBI (Reserve Bank of India) guidelines. RBI is the central banking authority in India which regulates the entire banking system in the country.
iDenfy will help Cashaa put identity verification practices into place so that they can further support their Indian crypto owners who are facing banking restrictions imposed by the RBI.
Domantas Ciulde, the CEO of iDenfy said, “so far we have worked with more than 100 global brands, and now we’re excited to associate with Cashaa.” He further said, “we’re glad that Cashaa is establishing their feet in the Indian market, and they allowed us to help them comply with regulations.”
Over the past few years, Indians have developed a massive affection for cryptocurrencies, especially after the debut of Bitcoin in the Indian financial market. However, due to RBI strict guidelines on virtual currency, and common identity-related scams, investors are staying away from such investments. The partnership between iDenfy and Cashaa seems a good step for the overall Indian virtual currency market as well.
Using iDenfy’s advanced verification solution, Cashaa will create a trouble-free experience for Indian crypto owners. Moreover, the partnership will ensure that there is no room for online fraud during online transactions.
Cashaa believes that this partnership between two prestigious firms is a new ray of hope for the Indian cryptocurrency industry. The company will offer all its advanced identity verification solutions to Cashaa to mitigate various identity theft risks and also help crypto investors to comply with various banking rules imposed by RBI.
„Indian is a huge market which holds a lot of potentials, as a next-generation financial institution, we are committed to building innovative technologies which help digitization in a most compliant way. IDenfy online verification tool is loved by our compliance team whose focus is to bring the best of the crypto industry to make this world a better and safer for all of us,“ said Cashaa CEO Kumar Gaurav.
iDenfy goal is to turn a customer’s device into an ID scanning and face recognition system that makes it fast and easy to capture and verify their ID and other credentials to meet KYC and AML requirements. Real-time ID scanning and face verification are applied on websites and mobile applications, helping reduce risk and minimize fraud for online transactions. This enables customers to perform daily operations from their home instead of going to service centers, where a company needs many cost-ineffective employees. Also, it avoids the costly and time-consuming process of manual documentation required for submission and verification.
It was founded in 2016 at Kaunas University Technology Park by two childhood friends. Company in 2018 at Lithuania was awarded as Startup of the Year. iDenfy provide real-time identity verification service for financial, sharing-economy, gambling industries.
For more information and business inquiries, please visit www.idenfy.com.
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