Vendible selects Onfido to secure blockchain transactions with trusted identity verification
December 6, 2021, Memphis, TN
Vendible, providing security for identity and digital assets on the Algorand blockchain network, today announced a partnership with Onfido, the global identity verification, and authentication company, to bring trust to web3 transactions while keeping all consumer data anonymous.
While open blockchains solve many problems, they leave transaction data exposed. Traditional companies face many challenges protecting their customer’s personal and payment data, as data theft is an ever-present risk. These companies could benefit from new DeFi technologies, but KYC/AML regulations keep them from gaining advantages over their competitors. Vendible solves these problems with a secure data storage layer and ledger that allows for full transparency between trusted parties while the data and transactions remain untraceable to the outside world. The partnership will enable Vendible members to connect their data to their assets without the risk of theft or fraud. By integrating Onfido’s AI-powered identity verification service, Vendible members can sign up by simply taking a photo of their government-issued identity document (ID) and a selfie. Onfido first checks that the ID is genuine and not fraudulent, and then matches it to the user’s face. This ensures the person presenting the identity is its legitimate owner and is physically present. Users are able to start their digital journey anywhere, anytime, through a simple and user-friendly online experience that meets regulatory requirements.
“With the ability to securely board members worldwide with as little friction as possible, Onfido was the clear choice for us to integrate,” said Doug Broughton, Vendible CEO.
“We’re pleased to partner with Vendible as it continues to power payment technologies with trust, privacy and security at the forefront,” said Alex Valle, Chief Product Officer at Onfido. “We bring trust to digital interactions worldwide with our AI-powered identity verification, and we’re excited to be partnering with a company that’s equally ambitious. We look forward to helping Vendible scale and expand its use cases into new geographies.”
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