The new AI-powered ID verification solution prevents unwanted illicit activity and secures the NFT platform
iDenfy, the fraud prevention, compliance and fraud prevention tool provider, announced joining forces with NeftyBlocks, the global NFT market for creators and collectors. iDenfy’s end-to-end ID verification service will help NeftyBlocks onboard NFT enthusiasts safely and efficiently.
The NFT market is booming. According to Statista’s calculations, at the end of last year, the number of users’ wallets for NFT trading reached nearly two million, partially due to an excellent storing medium and the better protection of the artists’ intellectual property. Despite the success, like many digitized spheres, NFTs have become targets for cybercriminals. Recent data suggests that criminals bypass centralized systems and launder funds while indulging in other NFT-related scams, which, according to the latest data, resulted in at least $100 million worth of stolen NFTS.
As claimed by iDenfy, preventing illicit activity and ensuring legitimate digital identities remain the top challenges businesses face today, especially when providing actual value online. NeftyBlocks, the popular NFT marketplace for creating, buying, or selling digital collectibles, agrees with this approach, explaining that identity verification is an essential part of the business to prevent fraud. To achieve this goal and ensure regulatory compliance, the company looked for reliable AI-powered verification solutions, then stumbled upon iDenfy’s full-stack ID verification service.
According to NeftyBlocks, iDenfy offered an automated Know Your Customer (KYC) system and a custom-tailored offer, which impacted choosing the best identity verification, provider. That’s why NeftyBlocks joined forces with iDenfy and managed to create a secure and user-friendly onboarding process for its clients. Currently, iDenfy’s full-stack identity verification solution sped up the registration process, helping the NFT platform convert more users worldwide.
The partnership with iDenfy lifted the burden of manual documentation review, securing a frictionless onboarding process for NeftyBlocks. iDenfy’s full-stack verification is backed up with manual supervision, which means that the startup’s in-house team ensures complete accuracy by reviewing each verification manually in real-time. Additionally, iDenfy is certified by ISO/IEC 27001 standards, ensuring that NeftyBlocks customers’ data is secured with the highest security protocols.
“By partnering with iDenfy, we’ve reduced costs and saved time and resources, as we trust iDenfy to take full control of our KYC procedures. Adding this extra layer of security helped us ensure the highest level of security. We believe that identity verification is the new industry standard that encourages more users to join our platform.” — said Juan Paniagua, Co-Founder of NeftyBlocks.
Domantas Ciulde, the CEO of iDenfy, expressed that “The partnership with NeftyBlocks shows that more businesses are willing to invest in robust digital security tools, such as AI-powered ID verification, bringing value to their services and creating an additional competitive advantage.”
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 the best “Fintech Startup” in 2020. The company also received recognition for winning a Baltic Assembly Prize for innovation in 2021.
For more information and business inquiries, please visit www.idenfy.com.
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