Mitek to Provide ID Security to Crypto Exchange DXE

Mitek Systems (NASDAQ:MITK) is putting its mobile security platform to work with a brand new Dutch cryptocurrency exchange.

The company announced on Tuesday (July 3), that it will provide its automatic ID verification solution called Mobile Verify to crypto-exchange DXE.

Mobile Verify uses artificial intelligence (AI) together with machine learning, which will enable DXE to certify customers that sign up to its platform in real time. From there, users will be able to digitally take pictures of their ID documents with their smartphone’s camera.

The collaboration between the two companies is part of DXE’s plans to provide “compliant customer onboarding” in advance of the updated Anti-Money Laundering Directive (AMLD5), which now includes cryptocurrency wallets and exchanges.

“We wanted to partner with Mitek to demonstrate that we are a platform that could be trusted, by both regulators and the public, Ernstjan Overduin, CEO DXE said in the joint press release. “Mitek’s Mobile Verify offers a solution that helps us be both compliant with future regulations and is compatible with our vision for a simple customer experience.”

Based in the Netherlands, DXE’s primary goal is to provide a platform easy and accessible for customers who are less savvy in the crypto space.  The exchange hopes to makes the buying and selling of cryptocurrencies easy for its customers.

With the help of the Mobile Verify platform, it will make it easy for DXE to provide know-your-customer (KYC) compliant ID verification from the date of launch.

Further, Mitek’s platform will assist DXE in being completely transparent right from the exchange’s launch date, which has yet to be announced.

“As cryptocurrency continues to become mainstream there is a greater responsibility for legitimate businesses to adopt the KYC processes used in other regulated markets,” René Hendrikse, managing director for EMEA at Mitek said in the release. “At Mitek we want to ensure that the introduction of secure identity verification is seamless for the customer to speed up the registration process.”

DXE’s website is currently under construction ahead of the exchange’s launch with the home page stating “this website will soon be put to use.”

Shares of Mitek opened Tuesday’s trading period at US$9.20 but dipped slightly back to close at US$9.15. Mitek currently has a “Buy” ranking on TradingView.com with 13 in favor of the stock, 3 as a “Sell” and 10 as “Neutral.” Meanwhile on TipRanks, the company has a “Moderate Buy” ranking with an average price target of US$14 over a 12-month period.

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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.