European Bitcoin Exchange Safello Integrates Jumio Identity Tech

Jumio is working with the European Bitcoin exchange Safello to provide faster verification of customers.

Jumio's Netverify allows consumers to scan identity documents, such as a passport or driver's license, with the camera of a computer or mobile device. The partnership should help Safello address compliance, which has been a hot topic in the cryptocurrency community.

Based in Sweden, Safello supports direct payments for 87 banking partners in 11 countries.

"In Sweden we introduced Mobile Bank ID earlier this year as a verification method," says Sara Lindquist, compliance officer at Safello, in a May 20 press release. "We set out to find an equally reliable and compliant solution for the rest of Europe and found Jumio to fit all our requirements."

While Europe has been more lenient with Bitcoin businesses, allowing them to operate without imposing strenuous regulatory requirements, traditional financial institutions remain concerned about how the Bitcoin companies they work with handle regulatory compliance.

"Safello is one of the new operators driving a quicker, slicker customer experience in Bitcoin by incorporating new technologies like Jumio's Netverify along the way," says Marc Barach, chief marketing officer at Jumio, in the release.

Safello also joins Jumio's Bitcoin Identity Security Open Network (Bison), a network of digital currency companies that use NetVerify software. The network also includes Coinmkt, a digital currency exchange based in the U.S. with a bank account with E-trade, and SnapSwap, a cash-in, cash-out network for Ripple.

Last year BitInstant, a now-defunct purchasing platform for Bitcoin, also integrated the Netverify software.