Onfido is working with Civic to create the new version of cryptocurrency wallets in fall 2019.
Onfido is a company that is trying to set a new standard for identity on the web. Onfido’s technology utilizes Artificial Intelligence to confirm the identity of an individual by accessing government data. The company was established in 2012 by three university students with GPB 200,000 from Oxford University. Later, they raised over USD 45 million during a fundraising in 2015. In 4 years, Onfido had already done more than 10 million background checks.
In 2019, the company had already received more than USD 100 million from investors and will have a personal identification market worth over USD 20 billion in three years.
On the other hand, Civic is working to make identity secure and convenient. The company has created an identity identification marketplace after a crypto fundraising conducted in 2017. The company has offices in the US, Brazil, Germany and South Africa.
The new wallet will employ Onfido’s identity verification method to confirm the wallet’s user is who they claim to be. On the other hand, the person’s face and documents will be compared as the second layer of security.
Civic will safely maintain the data with their blockchain-based platform and can enable third parties to have access to the individual information with the user’s confirmation in case any issues arise.