The largest cryptocurrency payment processor in the world, CoinPayments, today announces its partnership with Sumsub, an identity verification platform that provides an all-in-one technical and legal toolkit for KYC / KYB / AML needs.
This partnership will simplify onboarding for CoinPayments users by optimizing conversion rates, reducing costs by 30% and reducing time spent on routine tasks by 50%.
CoinPayments is the largest cryptocurrency payment processor in the world and supports over 1,900 cryptocurrencies, including Bitcoin, Ethereum, and thousands of altcoins. The company works in more than 180 countries and processes approximately $ 100 million per month in transaction volumes. Sumsub works directly with CoinPayments and its regulated wallet provider, Hodltech, on all KYC and AML procedures.
To replace the time-consuming manual checks on CoinPayments, Hodltech has chosen the complete solution from Sumsub. The solution enabled CoinPayments to reduce the time spent on the onboarding process by 50%, cut KYC costs by 30%, analyze and manage bulk audits, while meeting regulatory needs with detailed reports tailored to the jurisdictional requirements. Using Sumsub’s case management system, CoinPayments is able to manually investigate and double-check ambiguous applicants by reviewing submitted data and documents.
“Sumsub is a key part of our position as the largest cryptocurrency payment processor in the world. They have been instrumental in ensuring a safe, streamlined and fully regulated experience for our customers and merchants.” Rajpal Khangura, MLRO at Hodltech, which manages the regulatory compliance of CoinPayments.
‘Crypto compliance is one of the hottest topics these days. There are many companies struggling to meet the requirements and are looking for a way to speed up and reduce the costs of the onboarding process. We are happy to work with Hodltech and CoinPayments, helping them overcome these obstacles and letting them focus on more pressing issues instead. ‘- Jacob Sever, co-founder of Sumsub.