Lithuania

An AI-Based Biometrics KYC Verification To Purchase Central Bank’s Digital Coin

by Fintechnews Baltic July 23, 2020

iDenfy announced a partnership with the Bank of Lithuania to offer digital coin buyers a convenient ID verification process based on artificial intelligence.

The startups biometric verification solution will help verify customers’ identities to buy the LBCOIN complying with Know Your Customer (KYC) and other directives from the state law.

iDenfy automates the identity verification process; their ID document detection solution can recognise documents by type and country. At present, they are supporting more than 1300 ID documents from more than 200 countries, making it easier for the bank to accept investors from different regions. The national bank using ID check with facial recognition solution can quickly verify whether the identification information is forged or tampered.

The LBCOIN, created using blockchain technology, has a set of 6 randomly chosen digital tokens. Upon collecting a token from each category, they can convert it into a physical collector coin. The silver coin size and form will resemble a credit card, depicting the Act of Independence.

The central bank will be issuing 4,000 LBCOINs which translates to 24,000 digital tokens. They are available for purchase from the bank’s e-shop from 23rd of July 2020.

Bank of Lithuania project LBcoin launch

Domantas Ciulde

Domantas Ciulde, the CEO of iDenfy, says,

“We’re honored that Lithuania’s central bank gives us the opportunity to form the partnership. We are sure that our identity verification service will help to minimize fraudulent activity and in the coins’ purchase process.”

Featured image credit: iDenfy Team