Peer-to-peer (P2P) trading platform Oobit has joined hands with Coinbase, one of the largest and most popular cryptocurrency exchanges in the U.S., to give its customers wallet and custodial services.
Oobit Is Making It Easier to Get Verified
In addition, Oobit is working with the exchange to establish what called the Oobit Pass, a new tool that allows users to verify themselves and satisfy know your customer (KYC) procedures quickly so they experience no delays in trading.
The co-founder of OoBit, Amran Adar, explained in a statement:
Many of our users reached out with difficulties going through the KYC process with several exchanges. I believe that a lot of exchanges have failed the identification process, and as a result, this led to longer approval times and lost profits. This led us to develop Oobit Pass, which acts as a unified KYC passport gateway to exchanges. Through Oobit Pass, crypto traders only need to do KYC once to access any exchange that’s associated with us. This means that crypto traders can access multiple exchanges instantly and own their KYC data using Oobit’s unique technology.
The “Pass” tool is designed as a one-stop shop tool for those looking to trade on multiple platforms. By working with individual exchanges, customers will have to undergo the KYC process with each one separately, whereas verifying themselves with Oobit Pass allows them to be verified with every single trading company associated with Oobit. This reduces the number of steps the customer must take, giving them more time for trading.
Traditionally, digital solutions in compliance have been plagued by intense manual labor on the backend and prone to human error. For example, the checks that compare passport photos against the actual user have usually been done manually, which is much less accurate than AI [artificial intelligence]-based comparisons.
KYC and compliance terms have become very serious over the past two years following events such as Coincheck, the largest hack in the history of the crypto space. Occurring in January 2018, the event saw more than half-a-billion in assorted crypto funds disappear overnight.
Crypto Presents a Lot of Options
Moshe Schlisser – chairman of Oobit – says he first got involved with the company as a means of expanding his own knowledge of crypto and giving the general population easy access to tradeable assets. He explains:
As a fintech investor, I was exposed to digital assets in 2013 already, but the complexity and limited options to buy kept me waiting on the sidelines for a while. In late 2016, I started investing seriously in digital assets, but also started looking into the data of why it’s not accessible to the masses. The data showed us that the number one reason people don’t buy digital assets (until today) is complexity. All the elements of engaging in cryptocurrency are very confusing.