SAN FRANCISCO, CA--(Marketwired - May 2, 2013) - Tradehill, the first American Bitcoin Exchange, announced a partnership with identity proofing service miiCard to combat fraud and meet compliance standards for its recently launched Exchange. Previously, Tradehill had managed millions of dollars in Bitcoin Exchange before it was closed due to identity fraud.
Tradehill selected miiCard because its patented process is more secure than traditional online background data checks or document scans. With miiCard, Tradehill can confirm identity completely online and in just minutes to provide an unparalleled level of trust for businesses and customers.
"We are committed to exceed government compliance standards at every opportunity," said Tradehill founder and CEO Jered Kenna. "miiCard's identity proofing capabilities allow us to identify red flags early in a transaction to better support anti-money laundering efforts."
Tradehill integrated, tested and deployed miiCard in less than three days for its first product Prime, a digital currency exchange for businesses and accredited investors. Prime customers must verify their identity with miiCard before withdrawing any funds from the Exchange. Through miiCard, Tradehill is compliant with all Anti-Money Laundering and Know-Your-Customer identity requirements.
"miiCard's ability to continuously verify users through ongoing identity checks is critical to protecting against identity theft on the Tradehill exchange," said Ryan Singer, president and COO.
"Tradehill isn't alone in their experience of identity theft. New account fraud in the U.S. increased 50% last year, driven largely by identity theft," said James Varga, miiCard CEO. "It is critical for businesses dealing in bitcoin or any other regulated financial service to provide a level of trust and confidence for their customers while meeting compliance thresholds."
miiCard's Level of Assurance 3+ identity verification service leverages the authority and security inherent in a member's online financial accounts to prove identity. miiCard is able to verify over 350 million identities across ten countries and five continents today.
miiCard is a global online Identity as a Service (IDaaS) platform that establishes true trust online by guaranteeing an individual's identity to the level of an offline photo ID check, completely online and in just minutes. miiCard helps businesses eliminate fraud, reduce manual processing costs, and prevent high rates of dropout when offline identity checks are required. A member-driven service, miiCard empowers consumers to proactively manage their digital identity, build trust online, and trade and transact with confidence. miiCard currently supports the United States, Canada, the United Kingdom, South Africa, India, Australia, New Zealand, Ireland, France and Spain.
Tradehill, Inc. is the virtual currency platform for professional investors, businesses, and governments. It is the single most secure and reliable major Bitcoin exchange platform, having never been hacked or suffered significant downtime.
The business recently underwent a major re-organization, received $400,000 in seed-funding, hired a new team of top legal and engineering talent, and re-launched in March 2013, with a new focus on the accredited investor and institutions market.
Tradehill initially launched in June 2011 and functioned as the second largest Bitcoin exchange in the world until temporarily shutting down in January 2012. When Jered Kenna, CEO, met Ryan Singer, Tradehill President and COO, at the Future of Money and Technology Conference in San Francisco, and they decided to team up to create the world's enterprise class virtual currency exchange.
Tradehill is proud of its reputation as the most professional institution in the virtual currency space, and within a month of re-launching, it has executed over a million USD in Bitcoin exchanges.