Leading remote identity verification and compliance provider Netki announced its partnership with the Medici Ventures-backed Bitsy cryptocurrency wallet. In its role as partner, Netki will provide machine learning and biometrics technology to facilitate regulatory compliance and application security. Specifically, Netki will power Bitsy’s key recovery and face unlock security features, as well as the app’s Know Your Customer (KYC) function.
Medici Ventures is the blockchain investment subsidiary of Overstock.com. Medici portfolio companies include tZERO, Bitt, Medici Land Governance, and the newly announced Bitsy.
“In early 2014, Netki and Overstock.com both embraced the blockchain revolution, and we’ve formed a strong bond over the intervening years. Many things have changed in that time, but the central promise of decentralized technologies has not. Netki has held true to those principles and has proven itself a worthy partner,” said Overstock.com president, CEO and founder Patrick Byrne. “Adding Netki’s biometrics technology to the Bitsy wallet moves it closer to our goal of providing the world with the eminently user-friendly, compliant, and privacy-preserving cryptocurrency wallet we’ve designed it to be.”
Netki is the only remote identity verification service provider built specifically for the unique compliance requirements of blockchain-focused businesses, token sales, cryptocurrency exchanges, and regulated entities working with cryptocurrency or blockchain. This is due to its automation, scalability, flexibility and support for global identity document types and character sets.
“Since our founding in 2014, Netki has partnered with many important innovators in the blockchain space, but we’ve yet to find a more synergistic pairing than that which we’ve discovered in Medici and its stable of visionary projects,” said Netki CEO Justin Newton. “Collaborating on the integration of Netki and Bitsy technologies has underscored the complementary nature of our organizations. We are very pleased to work together in moving the broad-based acceptance of blockchain technologies forward.”
The Bitsy partnership is the first customer deployment of Netki-developed facial biometrics-based application security and key recovery functionality. This extends Netki’s flagship remote identity verification for Know Your Customer and Anti-Money Laundering (AML) compliance.
“Bitsy brought Netki the challenge of bringing intuitive, user-friendly, client side facial authentication to end users,” said Netki COO Dawn Newton. “Together, we’ve brought technology from the realm of theory to reality and it’s difficult to overstate how exciting it is to see this application draw ever closer to reality.”