YouHodler Onboards Sumsub to Fight Identity Fraud in Crypto Industry

YouHodler, a fintech platform focused on crypto-backed lending with fiat and stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term loans, says it has completed the integration of Sumsub, a identity verification and anti-fraud solution, into its platform in order to “enforce its industry-best wallet and platform.”

Sumsub last year joined forces with Mercuryo, the licensed European crypto wallet service, to offer swift and thorough customer onboarding procedures for cryptocurrency-related businesses and their users.

Sumsub’s new complete integration into the YouHodler platform came after a “long and detailed testing process of Sumsub before full integration,” YouHodler said in a press statement, adding that the procedure was to provide the best experience possible for its clients.

YouHodler clients can enjoy a more efficient onboarding process while simultaneously joining the fight against the growing threat of identity fraud in the cryptocurrency industry, the fintech platform added.

The Switzerland-based company already uses Elliptic, a software that provides blockchain analytics for crypto asset compliance, for its crypto anti-money laundering (AML) management. In addition, it uses Acuant and Ondato solutions for its know-your-customer and AML processes.

“Adding Sumsub will only make the process better for clients and more secure all around. In addition, Sumsub will optimize YouHodler’s overall verification costs and bolster the platform’s relationship with the clients,” YouHodler said in the statement.

In his reaction, YouHodler's Legal Counsel, Julian Grech, noted that the integration of Sumsub into YouHodler will be a huge help for the fintech company’s dedicated compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term officers and will also help them to manage their time more efficiently.

“Sumsub will also enable YouHodler to create automatic reports for regulatory bodies and applicable laws,” Grech added.

Peter Sever, the Co-Founder and Chief Strategy Officer of Sumsub, said the company was excited to have YouHolder among its crypto-related clients.

“We really enjoyed the integration process and look forward to seeing the benefits our partnership will bring to YouHodler's team and customers around the world,” Sever added.

YouHodler’s Crypto Interests

YouHolder recently added an affiliate marketing department to its firm allowing markets to be paid in either fiat, cryptocurrency or stablecoins.

Furthermore, the Swiss brand allows users to enjoy all the benefits of holding crypto with their roster of centralized decentralized finance features which include crypto-backed loans, crypto savings accounts and two crypto multiplication trading tools.