eKYC Verification & Digital Onboarding : Where Indian Crypto Exchange Platforms are headed

Oct 20, 2022: Crypto Trading volume and user signups in India have increased by up to 45% in recent weeks as a result of the steady bitcoin price and the rupee’s weakening.

Bitcoin prices have been stabilising inside an increasingly narrow range this week, even as global equities and bond markets remained volatile, with signs of stress emerging in sovereign debt and currency markets.

Bitcoin (BTC) has risen almost 2% in the last 30 days. On a one-month basis, the S&P500 in the United States is down 3%, while the BSE Sensex in India is down more than 1%. In the forex market, the rupee (INR) drooped to 3% in September.

On the cryptocurrency platforms, there has also been a lot of interest from seasoned investors. The weakening rupee and the stock market, which are luring investors to digital assets, are the key causes.

Investors are looking to digital assets like bitcoin as a store of value to protect their wealth from inflationary harm as a result of the high inflation that is causing fast wealth depletion.

As reported, India’s leading crypto exchanges had a 40–45% increase in the BTC–INR trading pair and a 30% increase in new user signups in the second quarter of the fiscal year 2023. September appears to be increasing in terms of onboarding new customers compared to August. According to a CEO of one of India’s leading crypto exchange platforms, the number of user registrations per day is up by 20%, and volume is up by 40%.

Additionally, crypto exchanges in India are also developing new features to increase engagement. In order to swiftly authenticate and enroll consumers who meet the different regulatory standards established by the sector and to prevent fraud on its platform.

Taking some of the most successful crypto exchange platforms as an instance, let us determine the key tools behind scaling crypto trading in India.

How do you scale Crypto Exchanges in India?

The number of cryptocurrency exchanges in India has significantly increased as a result of cryptocurrencies’ growing popularity. Cryptocurrency exchanges only serve as a marketplace for buying, selling, and exchanging digital currencies for fiat money like the Indian rupee (INR) or the US dollar (USD).

The technology in use plays a significant part in growing cryptocurrency exchange in such a competitive enterprise; Digitising all of your procedures helps in accelerating customer onboarding processes while also simplifying user experiences by making them more safe and accessible.

Here is our guide on scaling your crypto exchange using cutting-edge technology:

Digital Onboarding

With the use of digital onboarding APIs, users may remotely join up with only one click. The Digital Onboarding Solution from IDcentral provides a user-friendly interface that enables clients to seamlessly share and verify critical information in an extremely secure ecosystem.

Identity Verification

Any organisation that uses virtual identities runs the danger of being the victim of identity fraud by dishonest individuals. Online documents are readily tampered with, making it difficult for businesses to distinguish between real consumers and false ones. With the industry-neutral Fraud Detection solution from IDcentral, businesses can combine essential KYC features to fortify their customer onboarding against fraud risks.

AML Screening

Concerns over the security and privacy of user data are rising among regulators. Companies must safeguard consumers and themselves from fraud, money laundering, Terrorist Financing and other financial crimes while collecting and validating client information. The AI-based AML Screening Solution from IDcentral lets you stay compliant with evolving laws and guarantees smooth company operations.

eKYC Verification

The KYX Solution from IDcentral uses AI and data science to assist businesses in creating the most dependable online environment. While maintaining KYC/AML compliances, it provides users with seamless and incredibly enjoyable user experiences. All of our products are included in one solution, which provides a best-in-class onboarding platform that is scalable, future-proof, and ready to be used for immediate revenue generation.

Video KYC

While protecting them from fraudsters, IDcentral Video KYC enables companies to meet consumer demand for quick service delivery. It employs sophisticated algorithms that have been taught to recognise millions of real-world identities using facial biometrics. Even in real-time video KYC, it makes use of machine learning and data analytics to assure optimum accuracy. Additionally, the system regularly and automatically updates the worldwide database, maintaining the accuracy of your KYC checks.

About IDcentral

By filling in the gaps in the customer experience with a solution package that specifically blends artificial intelligence and machine learning to identify fraud and analyse data to provide consumers with greater insights, IDcentral expands on the goal of Subex.

With IDcentral’s digital onboarding solution, fraud is less likely to occur while also improving client satisfaction. Today’s biggest difficulty for businesses is to provide excellent customer service while keeping cybercriminals out. The numerous data sources used by IDcentral provide digital identity verification without the need to gather extraneous data, leading to hassle-free digital onboarding.

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