A safer way to enter the world of blockchain: iDenfy will help HollaEx customers on board

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

While cryptocurrency has dropped its conspiratorial shield and proven its secure role, some platforms still lack proper security measures on their part. Due to ever-changing regulations, criminals are using blockchain infrastructure to carry out their crimes undetected.

The BBC reports that the scammers cleared $8.6 billion in crypto last year, a 30% increase from 2020. To eliminate the risk of fraudulent transactions, organizations are looking for reliable and foolproof security measures, such as identity verification.

According to HollaEx, due to the global nature of crypto, waiting in a queue is not exactly what users expect today; therefore, the accuracy and simplicity of iDenfy’s Know Your Customer (KYC) solution impacted the decision to partner with them.

HollaEx’s biggest project, HollaEx, is a white label software that provides a fast cryptocurrency exchange framework. Companies using HollaEx can create coins, markets and provide crypto services to their clients in minutes. The company’s goal is to reduce the complexity of the technology and provide the tools needed to help businesses enter the blockchain niche.

iDenfy’s vision comes from a similar nature. The company will take care of the administrative part of the full-stack identity verification, simplifying operational difficulties for their partners. iDenfy’s end-to-end KYC solution will ensure full compliance with the latest regulations while providing a secure and smooth experience for bitHiolla customers. The AI-powered identity verification plugin allows customers to complete the entire 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 built-in anti-money laundering (AML) control; 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 customers with a faster and more secure identity verification process, which is essential in our field. We are happy to partner with a responsible company that does not compromise on security while helping to provide a smooth user experience for our blockchain enthusiasts. — noted HollaEx co-founder Ali Beck.

According to iDenfy CEO, 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 build a relationship based on trust, and that is why we are very grateful to partner with HollaEx.

iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML and KYC compliance for every business, from large enterprises to small organizations. The fast-growing company was named the best “Fintech Startup” in 2020. The company was also recognized for winning a Baltic Assembly Award for Innovation in 2021.

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