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Relai enhances KYC processes with ReadID

Relai, the leading Swiss Bitcoin broker, has enhanced its KYC processes using chipped identity documents using the ReadID technology of Inverid. In this way Relai is well prepared for new European regulations, allowing them to expand their services.
 

 

Zürich/Enschede, 30 January 2024.

As of December, Relai identifies all customers with substantial trading volumes with the identity verification solution of Inverid. This uses the secure NFC chips in passports and ID cards and allows to optically verify non-chipped documents as a fallback. The app uses Inverid's ReadID technology which allows the authenticity of the document to be established with certainty. Identity verification with NFC is the only truly secure technology for remote identity verification.

"Identification via NFC is the most secure approach to KYC. Inverid has the best technology in the market, allowing us to combine compliance with a great user experience" Adam Bilican, CTO Relai

Plans and Vision of Relai 

Since the first day, Relai has been focused on offering Bitcoin only in a self-custodial manner to its users. Relai is raising the next generation of long-term investors by giving them a simple, user-friendly, and secure way to save in Bitcoin. 

This vision came to be after both co-founders Julian Liniger and Adem Bilican found no alternative to complex brokers. The Bitcoin-only app is designed to be simple and intuitive, enabling anyone in Europe to buy and sell Bitcoin within minutes. Through this, they envision a future where every European will have access to Bitcoin or, ideally, hold on to it for the future. Thus far, over 300 million USD invested through its platform, Relai is allowing consumers to unlock new means of saving and investing.  

Relai plans to expand its offering to more European countries by applying for the MiCa – The EU Markets in Crypto-Assets Regulation – license and enabling even faster transfer capabilities in the app through the Lightning network in 2024 and beyond.  

About Relai 

The Zurich-based startup was founded by Julian Liniger and Adem Bilican in 2020. Relai’s Bitcoin-only app is designed to be simple and intuitive, allowing anyone to buy and sell Bitcoin within minutes, with no registration, verification, or deposit required. Independently audited and with a trading volume of over $300 million, Relai is serving the next generation of long-term investors by giving them a simple, user-friendly, and secure way to save Bitcoin. In August 2022, Relai was named one of the top startups to watch by Sifted, and in September 2023, it was listed as one of the top 100 Swiss startups. Learn more at relai.app.  

Learn more on identity verification for Crypto

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Try it yourself for free

Interested in NFC-based identity verification? Our free personal app ReadID Me is available in the App and Plays stores. No personal information is shared with Inverid or other parties; it is a client-only verification.

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