The Lithuanian fraud prevention and digital identity verification startup, iDenfy, has partnered with Backed, a platform that allows users to speculate on the future of private companies. iDenfy will provide Backed with remote identity verification services to ensure a smooth and frictionless onboarding process.

To this day, some of the Cryptocurrency industry players continue to put all of their efforts into avoiding regulations. The opposing party argues that the foundation that crypto built was primarily designed to keep away from the ever-growing regulatory landscape. Nowadays, to buy or sell virtual assets, customers are obliged to provide their identity documents and personal information to reduce the risks of money laundering and other dangerous, fraudulent activities.

According to a recent United States blockchain researcher Chainalysis, over-the-counter traders received $1.3 billion in illicit digital currencies in 2021. This year, it’s estimated that approximately $10 billion worth of crypto funds are held in illegal addresses. That is why many businesses choose the implementation of Know Your Customer (KYC) processes to help deter the anonymity behind crypto transactions and prevent the spread of online scams.

According to Backed, identity verification is an essential part of the company’s security package. Wanting to reduce fraud risks and add an extra layer of security, Backed started to look for new Know Your Customer (KYC) providers, then found iDenfy. According to

The company that backs up startups, iDenfy offered them a comprehensive set of tools that have been invaluable when it comes to meeting compliance regulations.

Backed is a new platform that allows anyone to speculate on the future of private companies by buying and selling CompanyCoin. According to Backed, until today, the average investor couldn’t speculate on the future of companies such as Twitch, TikTok, SpaceX, or even iDenfy, and with the help of its new platform, now they can. Backed claims that by purchasing its coins, customers pay a gratuity fee to the startup, and eventually, the platform helps the startup grow along with the customers’ investments.

According to iDenfy, identity verification is a process that provides the needed information to quickly detect fraudsters and stop them from entering Backed’s platform. iDenfy provides Backed with digital identity verification services to ensure the customers’ safety. The company is also known for various fraud prevention and compliance tools that assist in building a safer space for companies from various industries. iDenfy strives to guarantee a secure and simple ID verification experience for Backed.

iDenfy’s four-step identity verification onboards Backed’s customers faster, allowing them to complete the whole process in less than a few minutes. iDenfy uses biometric facial recognition technology and AI-powered ID document scanning algorithms for complete accuracy and swift results. iDenfy also has an in-house team of experts that double-check user verifications manually. According to Backed, iDenfy helped them to automate and optimize their KYC process and reduce onboarding costs.

“We’re happy to partner with iDenfy. Our top priority is allowing our users to use the platform and purchase our tokens with as little friction as possible. The verification process with iDenfy is smooth and secure. It already helped us reduce friction and resulted in more paying customers.” – says the founder of Backed Lee Betts.

“Our team at iDenfy strives to provide the best possible digital experience for our partners and their customers. We are proud to partner with Backed, a responsible business that cares about security and regulatory compliance.” – stated Domantas Ciulde, the CEO of iDenfy.