Success Story | GBTC Finance reduces regulatory compliance costs by 90%

What is GBTC Finance:

GBTC Finance is an online exchange and a network of stores specializing in cryptocurrency trading and solutions for all users in the crypto world. They have over 20 locations throughout Spain and a growing base of more than 30,000 satisfied customers. They provide personalized support and a wide range of services, including training and tools for accepting cryptocurrency payments in businesses.

Current situation:

The main challenge GBTC Finance faces, both in its physical stores and through its online exchange, is related to regulation. Complying with strict anti-money laundering and counter-terrorism financing regulations is one of the company's primary concerns. These processes are mandatory for all users, as they operate under the legislative framework imposed by the Bank of Spain. This regulatory compliance ensures a secure environment for users.

Our solution:

Faced with this challenge, Didit presented itself as the perfect solution for GBTC Finance's needs. Our identity verification service offers:

• Document verification: To verify documents from over 220 countries and territories using our advanced technology, which accurately extracts information and detects potential fraud.
• Facial recognition: Thanks to our liveness test, which uses customized AI, GBTC can detect deepfakes, verify identity, and offer an optimal UX to its customers.
• AML Screening: With our solution, they can verify user data in real-time against global databases to detect PEPs, sanctions, and other reputational risks.
• Legal compliance: Complies with current regulations on anti-money laundering and counter-terrorism financing.
• Usability: Fast and simple, the verification process takes only seconds.

Why Didit?
 

"We have reduced verification times to a minimum, all thanks to quick and easy integration into our system. Additionally, we have also reduced verification-related costs, allowing us to allocate these resources to other areas of the company. Using Didit takes user verification to the next level."
 

Guillem Medina, COO of GBTC Finance.

The results:

Identity verification (KYC) and anti-money laundering (AML) processes have improved substantially at GBTC Finance since integrating Didit. 

In quantitative terms, the operational costs associated with user verification have been reduced by 90% compared to the previous solution used by GBTC Finance. Furthermore, the exchange also reports a decrease in support tickets related to KYC and AML processes. 

This partnership has allowed GBTC Finance to save and optimize its resources, both in money and time. These data highlight that the solid collaboration between Didit and GBTC Finance lays the foundation for greater innovation in the sector.

Want to be our next success story?

Didit offers robust identity verification solutions for centralized cryptocurrency exchanges (CEX), both physical and digital. If you're looking for an ally to facilitate access to cryptocurrencies and comply with regulations, don't hesitate to contact us! 

We're eager to work with you to make you our next success story.