Cryptocurrency technology company Krypto Commerce has teamed up with ID verification firm Jumio to provide KYC and anti-money laundering services for PoolMiners Card, a prepaid debit card that uses cryptocurrency in place of dollars, pounds and euros.
The PoolMiners Card is an online-only product, with no physical branches, where IDs can be checked prior to opening an account. Jumio's Netverify will help to validate IDs, and fulfil required rigorous KYC and AML laundering checks, according to a statement.
Customers can scan their passport with their mobile device to verify themselves and then start before using the PoolMiners account and card.
Krypto Commerce has a presence in European countries such as Spain, Portugal, Italy, Switzerland, South America and Russia, and plans to go to market in the US. Palo Alto-based Jumio deals with IDs from over 200 territories around the world.
Rubén Arcas, project director, Krypto Commerce, said: "Compliance and security are critical to our proposition, but equally we don't want to have a clunky verification system that doesn't provide a good user experience. Netverify is absolutely perfect for our needs and will provide the level of customer service and experience that we want our cardholders to enjoy at every stage of their relationship with us."
Robert Prigge, chief revenue officer, Jumio, said: "Crypto-currencies are a driving force in commerce and finance. What started as a niche currency is becoming part of the financial norm. The PoolMiners Card is a critical part of this revolution and we are pleased Jumio can provide the advanced verification technology required to bring it to market."