Gemini selects Alloy for ID verification ahead of credit card launch

Alloy has confirmed Gemini, a specialist cryptocurrency exchange and custodian, will be leveraging its platform to automate identity decisions and verification for its new Credit Card.

The firm will use Alloy to boost its onboarding process for credit card customers and help to ensure the right systems are in place to capture and analyse customer data to reduce exposure to non-compliant account openings. 

“We are excited to be a part of Gemini’s journey to innovate the credit card space and lessen the complexity surrounding compliance,” said Tommy Nicholas, CEO and co-founder of Alloy. “By automating the traditionally manual processes involved in onboarding and underwriting, we can create a seamless experience for Gemini Credit Card applicants while also reducing overall exposure to fraud.”

Gemini’s recently announced novel crypto rewards credit card is regulated under the same KYC/AML protocols as traditional credit cards, meaning there’s a critical need to balance approval speed with the ability to meet stringent compliance requirements.

The Gemini Credit Card will work like a traditional credit card, available to U.S. residents in every state, and can be utilised wherever major cards are accepted . Cardholders will earn up to 3% back on every purchase in bitcoin or other crypto, which will be automatically deposited into their Gemini account.

“With the Gemini Credit Card, our goal is to allow people to easily earn crypto on everyday purchases,” said Thomas Harrison, Group Product Manager at Gemini. “Alloy’s technology is the identity engine empowering us to meet the same regulatory requirements as traditional credit cards, while also providing a fast and seamless onboarding and underwriting process.”