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Paxful Accelerates Onboarding and Reduces Manual Verifications by 90%

Goal : Remove friction during onboarding

Industry:  Crypto

CHALLENGE :

Paxful was looking for a solution to help strengthen their safety and security for their platform's entire community while still providing seamless onboarding for new users.

SOLUTION :

After incorporating Prove Pre-Fill®, Identity Verify® and Trust Score™, Paxful accelerated automated, digital identity verification and decreased the need for manual identity verification.

77%

Reduction in time spend for identity verification

90%

Decrease in manual verifications

Paxful is the largest peer-to-peer (“P2P”) marketplace for cryptocurrency in the world, bringing buyers and sellers together to trade Bitcoin, Etherium, and Tether. Paxful was built to provide equal access to anyone, anywhere by giving access to nearly 400 different payment methods to buy, sell, and trade digital currencies. It primarily focuses on the unbanked and the disenfranchised, meaning most of their customers often do not have access to traditional banks and thus flexibility is required when it comes to digital verification.

A commitment to fraud mitigation without compromising the user experience

Because Paxful customers are global, it experiences unique global challenges. In Africa, for instance, many of their users don’t use laptops. Instead, they are primarily smartphone users so being able to onboard and verify the identity of a user over a smartphone device alone is critical to Paxful.

Because Paxful customers are global, it experiences unique global challenges. In Africa, for instance, many of their users don’t use laptops. Instead, they are primarily smartphone users so being able to onboard and verify the identity of a user over a smartphone device alone is critical to Paxful.

Another typical identity-proofing challenge stems from the dueling interest between compliance and product. Ultimately, it boils down to the answer to this question: how do we reduce the number of clicks while still reducing fraud?

Finally, a global organization like Paxful needs to have global support. It needs to be able to localize and support government IDs from around the world. And ultimately, it needs to be flexible in what it offers as its identity verification methods.

Flexible solutions for a rapidly evolving crypto industry

Given that the crypto industry moves fast and operates 24/7, it is notoriously tricky to give new users a fast and seamless experience while also properly vetting that they are who they say they are. To complicate matters further, account takeover and other forms of crypto-fraud are rampant in this burgeoning industry.

“We are thrilled to partner with Prove. There’s no denying the rapidly growing interest in crypto investing – however, the industry has been faced with two major issues – accessibility and security. Our partnership with Prove will provide a seamless onboarding process for new users, strengthening safety and security for our platform’s entire community”

Ray Youssef, CEO and co-founder of Paxful


Webinar:

How Innovative Crypto Exchanges Are Upgrading
Users to a Faster, Safer Experience

Faster and more
accurate onboarding
without the manual
headache

Given that the crypto industry moves fast and operates 24/7, it is notoriously tricky to give new users a fast and seamless experience while also properly vetting that they are who they say they are. To complicate matters further, account takeover and other forms of crypto-fraud are rampant in this burgeoning industry.

Secure your customers’ digital lives

Get in touch for more information about our solutions, APIs, demos, pricing, and more.