MoonPay Partners with Sumsub to Bolster its KYC Processes

  • Payments , Cryptocurrencies
  • 22.04.2021 01:55 pm

MoonPay, the global payments solution for cryptocurrency, has partnered  with Sumsub, an identity verification platform to provide its 250 customers better compliance processes. 

The partnership will see MoonPay utilise Sumsub’s industry-leading compliance solution to create a stronger and  safer Know Your Customer (KYC) and Know Your Business (KYB) processes for its global clients. 

MoonPay users now simply have to go through a two minute verification process to purchase cryptocurrencies, with Sumsub’s dashboard providing customisable settings to support users across different regions.

Sumsub will also provide business client verification for MoonPay with a multilayered  KYB solution combining AML screening, database screening, and legal review of corporate documents. Sumsub has also enabled  MoonPay to establish the control structure and Ultimate Beneficial Owner of any entity, ensuring a transparent view of their business clients.

Ivan Soto-Wright, founder and CEO of MoonPay said, ‘Safety and compliance is of the utmost priority for MoonPay. We needed a service that knows how to work with international clients from over the world in line with local requirements. With Sumsub, we are able to tick all the boxes and free our clients from unnecessary difficulties and delays, making them focus on growth and profit instead.’

On the partnership, Jacob Sever, Co-Founder of Sumsub said, ‘The cryptocurrency sector is experiencing explosive growth. Every day we see tens of thousands of users expressing new interest in crypto-related projects. So we are very happy and excited to work with MoonPay, one of the most important providers of crypto infrastructure in the current market.’

Since launching in 2019, MoonPay has over 250 partners, including, Trust Wallet, and ZenGo. The company supports over 80 cryptocurrencies and over 30 fiat currencies. So far, MoonPay has processed over one million transactions across 160+ countries worldwide. 


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