Cabital, an innovative wealth management platform that empowers investors to earn passive income safely and securely by offering them the best crypto-based savings products, has selected Sumsub’s all-in-one KYC/AML toolkit to carry out identity checks of crypto investors. These will become possible in just 2 minutes after the kit is deployed. The strictest legal requirements will be complied with.

The Lithuanian company’s savings products come with interest rates as high as 12%. However, Cabital needed a compliant and secure solution for due diligence and customer verification and to make sure identity checks wouldn’t affect the conversion rate. Sumsub’s solution was the best option. It will also let Cabital comply with domestic laws and European AML/CTF principles.

Raymond Hsu, Cabital’s Founder and CEO, commented the integration as follows:

“Cabital introduces cryptocurrency as an alternative to traditional, rigid investment schemes. The crypto industry is growing quickly and has been considered as a risky venture for a long time. On the contrary, crypto carries a lot of potential and can already provide stable and profitable returns for investors. That said, Sumsub will help us make our wealth management solution even better, providing compliant, quick and enjoyable identity checks for our users, while ensuring security throughout the process.”

The ID checks can be adjusted to the requirements of more than 220 countries and territories. Verification happens in two simple steps. First, the user submits a photo of their ID document. Then, they undergo facial biometric identification to further enhance Cabital’s security.  

Jacob Sever, Cofounder of Sumsub, said:

“Cabital is looking to make crypto investing accessible and easy for everybody. Meanwhile, more and more people are searching for an alternative to traditional savings accounts. We are happy to support their startup and reinforce it with a verification engine that is safe, simple to use, and easy to adjust to regulatory demands in Europe and beyond.”

As wealth management regulations become more complicated, solutions ensuring fraud-proof security and a streamlined, seamless user experience are needed. By 2025, the global wealth management market is expected to grow by $318.95 billion.

The post Wealth management platform Cabital selects Sumsub to make secure 2-minute identity checks happen appeared first on Invezz.

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