December 14, 2017

IDnow Records a 11-Fold Increase in Bitcoin Account Openings in 2017


IDnow, one of Europe´s fastest growing fintech companies, reported the number of investors opening cryptocurrency accounts has surged elevenfold in 2017 compared to last year as customers rush to profit from the soaring price of Bitcoin and other cryptocurrencies.

The Munich-based company, which provides online identity verification services as part of the onboarding process for cryptocurrency exchanges as well as the broader financial services community, saw demand for new accounts amongst its client base accelerate even faster in October and November this year following the 159 % surge in bitcoin in the same months. The growth rate of account openings surged 169 % month on month in October and November in the wake of these price rises and the press attention it brought.

“Demand to open cryptocurrency accounts has gone off the charts in the last couple of months amongst all our crypto clients,” said IDnow CEO Rupert Spiegelberg. “I have never seen anything like it. Every new daily price surge brings with it ever more press attention which in turn drives demand for new accounts.”

Customers who want to invest in cryptocurrencies like Bitcoin or Ethereum need to be able to exchange fiat currencies such as euros, dollars or pounds into the electronic currencies. In order to do so they need to open an account with one of the many exchanges and part of that process includes going through a KYC process which can now be executed online and instantly through IDnow´s award-winning and patent-protected video identification technology.

In the online banking sector, video identification is a well-known and very secure procedure for verifying new customers, e.g. when opening an online banking account, and follows strict regulatory standards. Although cryptocurrency brokers are still not bound to identify new clients, it is definitely advisable to do so in order to avoid frauds.
 

About IDnow GmbH
IDnow provides the world’s most advanced machine-learning technology for its Identity-as-a-Service platform that can verify in real time the identities of more than 5.1 billion people from 65 different countries. Our patent-protected video identification and e-signing solutions help our clients save money, improve customer conversion rates and streamline the onboarding process. We are backed by the two leading venture capital investors BayBG and Seventure Partner and a consortium of well-known business angels. Founded in 2014, we already count a large and fast growing team of 300, making us one of Europe’s fastest growing fintechs. Clients are leading international blue chip companies such as Commerzbank, UBS, Sixt, Erste Bank and Telefonica Deutschland, many fintechs like Fidor, N26 and smava as well as many blockchain-based companies. IDnow was awarded “Most Successful Fintech” in 2017.

Further information available at www.idnow.eu.