New York-based AlphaPoint, a white label solutions provider for digital currency exchanges, has teamed up with IdentityMind to bring compliance tools to its offerings.
AlphaPoint supplies technological infrastructure for digital currency exchanges, catering toward both new launches and established players. Last year, its technology was employed by Bitfinex, which sought to enhance the performance of its trading functionality and keep it scalable. It is one of the few exchange-related ventures in the industry to have landed funding, securing $1.35 million.
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IdentityMind’s solutions aim to help digital currency businesses ensure compliance with country-specific know-your-customer (KYC) and AML policies in a streamlined manner. Also offered are anti-fraud, risk management, transaction monitoring and payment solutions. It says to partner with numerous 3rd party service and data providers.
Many exchanges are planning for the day when the regulation of digital currencies is formalized, many already employing various compliance measures. AlphaPoint, as a software provider, is unlikely to be bound directly by new regulations. Several of its clients have already been employing IdentityMind’s tools, so the bundling of the two makes sense. Both companies design their solutions to be flexible for the differing needs of each jurisdiction they serve.
Also last year, IdentityMind said it obtained Safe Harbour Certification, a standard whereby US-based companies seek to become compliant with European data privacy standards.