Whenever money is exchanged online, most governments require the enabling service to know both parties in the transaction. This is primarily to avoid money laundering. In anticipation of this, Bitnplay has teamed up with Veridu and will be using the company’s social identification platform to help avoid money laundering and fraud going forward.
With this cooperation, Bitnplay can continue to allow players from all over the world to play anonymously, whilst reducing the risk of money laundering and bringing levels of legitimacy to Bitcoin transactions that have never been available before.
To recall, Veridu is a London based company that presents the most accurate, reliable and trustworthy tool to quickly and efficiently verify the identity of users in order to eliminate fraud and unwanted user behavior. It provides both Single Sign On plugins and more comprehensive authentication tools to give the highest level of protection, with the simplest possible process for both businesses and end users.
On the other side, Bitnplay is a new and innovative Bitcoin-only Online Poker Platform. The company offers a fair, secure, decentralized and friendly environment for all online poker players. Bitnplay eliminates the players’ counter-party risk with the operator, through Bitcoin’s revolutionary blockchain technology. Also, the company’s payment system is revolutionary in its transparency, security and simplicity.
In this concrete situation, Veridu works for Bitnplay as an external ID gateway. Veridu’s social identification platform assesses the quality and depth of an individual user’s online footprint via services like Facebook, Twitter, and LinkedIn. Based on this, Veridu determines the credibility of the users’ identity and age and passes an anonymized token back that indicates if the user is over 18. But, upon request, the authorities can also check Veridu’s audit trail to ensure that the company has lived up to its responsibility. For Bitnplay the new cooperation with Veridu is a game changer and an impressive starting point in bringing Bitcoin companies to the same level of legitimacy as any other global currency.
Founder and CEO of Veridu, Rasmus Groth says: “The cooperation with Bitnplay is in many ways groundbreaking for both them and us. Bitnplay is now able to fight users with multiple accounts in order to prevent fraud and money laundering and at the same time check the age of the gambler is over 18 from their social footprint. Also, from our perspective, we’re excited to work with an innovative client that is positively disrupting both the gaming and Bitcoin industries with new, reliable and inexpensive know-your-customer-processes.”
Groth adds: “Using social data as a way of identifying people is the way to do it in today’s world. It is accurate, fast, and cheap. Users all over the globe are accustomed to using their online profiles to log in and we are offering them a way to avoid divulging sensitive information while asserting their eligibility as users. Veridu is founded on the belief that users should be in charge of what information to share online and that online sites should only ask for the absolute minimum amount of information that is required to enable a transaction.”
Andreas Anastasiades, Founder of Bitnplay says: “Using this new service, we’ll also be able to handle micro-payments with zero confirmations as the new identification process will allow us to deal with double spend attacks and help prohibit underage gambling.”