#Aussie #Crypto #Exchange #Blockbid Partners with Risk Management Giant #LexisNexis
Using the two high-quality #databanks and #proprietary #technology provided by #ThreatMetrix and LexisNexis, Blockbid plans to piece together accurate #identification profiles that can be used to screen out high risk users at the onboarding stage. The system uses datasets like addresses, #biometrics, #government-issued identifiers with device identification, #geolocation, behavioural analysis and threat intelligence in tandem with each other to create highly accurate identity profiles which in turn prevent high risk users from gaining access to the Blockbid platform.
The development comes at an important time when #banks and institutional investors are waking up to the promise of the $300 #billion #cryptocurrency market while still holding back from fully engaging with the market. #Banks for example, are famously reticent about offering corporate accounts to #cryptocurrencyexchange platforms because of the risk of violating AML regulations. Using this system according to LexisNexis, the risk of facilitating illicit flows can be vastly reduced.
Speaking about the projected outcome of the partnership, Thomas C. Brown, senior vice president, #US #commercial markets and global market development, LexisNexis Risk Solutions said:
“We are helping Blockbid identify and stop bad actors, we also are reducing friction for legitimate consumers so that they can transact easily and be active in the #cryptocurrencyspace. Implementing similar controls that the biggest banks in the world use adds credibility to cryptocurrency exchanges from a regulator point of view and instills #consumer #confidence. Ultimately these safeguards provide a solid foundation on which Blockbid and other companies can grow, profitably.”