Coinbase is improving ID verification

Machine learning will now aid the security measures
09 February 2018   1156

On February 7th Coinbase has made an update concerning identity verification. The company incorporated machine learning into the verification process. With this upgrade the process will take seconds instead of hours. In addition to that Coinbase has integrated an addtional ID verification vendor to address the growing volume of the applications.

With these improvements Coinbase is now able to successfully verify ~90% of all the ID verification applications. As the company has experienced a significant growth, it addressed the failed ID verification applications by providing clear instructions on how to take a more legible photo of an ID. On top of that, the company will now also send an email to the person with a failed ID verification application stating the reason why the application was rejected and applicable solutions.

These updates are already present on the Coinbase website. As for mobile applciations, the improvements will be rolling out in the next few weeks. Finally, the team annonced the creation of a special engineering team that will design internal identity service from the ground.

Here is just a couple of reactions at Twitter:

@DNBRS117 said “Sounds like a perfect application for @singularity_net”

@optictopic said “I hope it isn't going to work like the biased AI state governments use to pass criminal sentencing or that banks use to approve loans. Algorithms should never completely replace human discernment but work in tandem. #blackboxai”

Users on Coinbase official blog at Medium commented as follows:

Jason E said “You need to make it clear in your error that there can’t be any extra space outside the ID as I failed numerous times and it wasn’t clear why.”

Petroleum Blockchain said “That was super frustrating. Hopes it will improve a lot. But also your “security measure” each time one want to send crypto to another wallet: this so called 72h security verification are just unacceptable. We login, use Google AUTH and we are logged. At that moment, you accept buying, selling cryptos or depositing FIAT. There are no reasons now we can’t send our crypto (after enormous fees) immediately. You must change this process. I have lost money, time and patience having to endure your process. Security matter, but sounds more like you don’t want money to leave your exchange. One of a kind in the exchange industry.”

Coinbase to Join Forces with Caspian

Coinbase hopes to attract big players with Caspian's tools
25 September 2018   101

Representatives of the platform for the cryptocurrency assets management Caspian announced a partnership with Coinbase. This is reported in the company's blog.

Caspian will provide Coinbase with a wide range of tools for cryptotrading, aimed at institutional investors. The platform will also assist financial institutions interested in working with digital assets.

We’re delighted to cement this important partnership with Coinbase, which will see one of the world’s leading digital currency trading venues join forces with one of the most exciting emerging crypto platforms. Our goal at Caspian has always been to make it is as frictionless as possible for professional traders and investors to trade and manage portfolios of cryptocurrencies in order to drive exponential growth in this market and we’re delighted that Coinbase shares this vision.
 

Robert Dykes

CEO, Caspian

The partnership will involve such products for institutional investors as Coinbase Prime, Coinbase Custody and the Coinbase Institutional Coverage Group support service.

According to the director of institutional sales of Coinbase, the set of Caspian's tools will give traders access to extensive historical market data and a pool of liquidity Coinbase.