Only those living under a rock for the past six months could have failed to notice the mainstream attention that cryptocurrency has been receiving. With headlines reporting huge surges in the value of Bitcoin and other cryptocurrencies, it’s led to a mini gold rush of excited wannabe investors.
The unprecedented demand, however, has caused major issues for the cryptocurrency exchanges and trading platforms as their systems have struggled to cope. It’s reported that cryptocurrency exchanges are adding over 100,000 users per day – and this could be a conservative estimate.
Binance is the largest exchange in the world (by volume), according to CoinMarketCap, and its founder Changpeng Zhao recently commented,
“Full team working around the clock. Both tech and support. Just too much demand. Added 250,000 new users in the last 24 hours. Just crazy!”
So crazy in fact, that it then was forced to suspend all new applications completely. As we write, it’s just opened registrations again, but there’ll only be a limited amount per day.
For all platforms, with this amount of new applications, many potential customers are being lost for good as the systems for identity verification checks buckle under the pressure.
Some platforms are having to check and verify identities manually – which of course, takes far longer, and in this game, time certainly is money. Poor and slow on-boarding of customers are costing these businesses huge amounts of money, and the situation shows little signs of improving soon.
What isn’t so clear for these businesses is what to do about it. However, the solution is straightforward with TruNarrative. Our next-generation identity verification (IDV) solution has global coverage and ensures fast, smooth and safe onboarding for customers.
On-boarding customers quickly and efficiently will relieve the immediate backlog and will instantly lead to far fewer customers dropping out at the application stage. Cryptocurrency businesses know that the huge demand for applications will only continue, so now is the critical time to grab market share.
The reputational risk from not processing existing applications or suspending all new applications is high and costly. Both of these problems are happening at present, and it’s worth remembering that in the online world, reputation problems can spread quickly and remain for years. No platform or exchange wants to be known as the one to avoid. A poor online reputation can prevent customer signs up long after the application situation itself has been resolved.
How we help
The TruNarrative solution delivers immediate help with the onboarding of any outstanding customers by processing batch identity checks to meet KYC and AML requirements. A swift and efficient implementation of cutting-edge ID and KYC solutions brings long-term stability to the customer onboarding processes. With global coverage and to ensure our clients can easily move into new markets, we utilise multi-region KYC, IDV and AML. In fact, we can perform eIDV in 44 countries, and this is growing each week.
We can implement a batch service to onboard your current back-log within hours or days rather than months, and our breadth of data and expertise will ensure match rates are maximised and customer drop out is minimised. Once your backlog is cleared you can consider full integration via our API.
We’ve already pre-integrated multiple 3rd party service and data checks, so why spend your own precious dev time doing the same? Using TruNarrative gives you a lower cost of acquisition, lower operational cost and lower referrals – which means quick, compliant, and safe on-boarding of customers.
If you’re a cryptocurrency exchange or trading platform that is losing countless potential new customers each day, talk to us at TruNarrative today.
Who is TruNarrative?
The TruNarrative Team includes some of the world’s leading experts in Identity Verification. Feel free to add one of our Fraud and IDV experts on LinkedIn:
We are already working with some of the largest trading platforms and crypto exchanges, on their KYC and onboarding process. Helping them maximise customer acquisition and reducing customer drop-out rates.
We fully understand that you will be busy operating your core business, so why not draw upon the extensive experience of TruNarrative in IDV and customer onboarding space? We are happy to conduct a no-obligation consultation, to ensure that you optimise your customer onboarding and regulatory compliance strategy.