The Bank of Lithuania releases the world's first blockchain-based digital collector coin that can be interchanged into a physical coin. The bank has formed a partnership with iDenfy to provide coin buyers with an automated identity verification process.
KAUNAS, Lithuania, July 21, 2020 - iDenfy, the Fintech Startup of the Year and the Central Bank of Lithuania, announce a partnership to offer digital coin buyers a convenient ID verification process based on artificial intelligence.
The LBCOIN is the first digital collector coin in the world, created using blockchain technology. This digital coin has a set of 6 randomly chosen digital tokens, and upon collecting a token from each of the six categories, they can convert it into a physical collector coin. The silver coin size and form will resemble a credit card, depicting the Act of Independence. The Bank of Lithuania will be issuing 4,000 LBCOINs—that means 24,000 digital tokens. They are available to purchase on the Bank of Lithuania e-shop from 23rd of July 2020.
iDenfy's biometric verification solution will help verify customers' identities to buy LBCOIN complying with know your customer and other directives from the state law.
iDenfy automates the identity verification process; their ID document detection solution can recognize documents by type and country. At present, they're supporting more than 1300 ID documents from more than 200 countries, making it easier for the Bank of Lithuania to accept investors from different regions. The national bank using ID check with facial recognition solution can quickly verify whether the identification information is forged or tampered.
Domantas Ciulde, the CEO of iDenfy, says, "We're honored that Lithuania's central bank gives us the opportunity to form the partnership. We are sure that our identity verification service will help to minimize fraudulent activity and in the coins' purchase process."
The partnership between the two entities is relevant to the broader industry. It will bring a positive effect on the overall blockchain industry. The partnership will inspire other financial institutions to implement digital identity verification solutions to fight against money laundering and other wrongdoings in the online financial world. Moreover, digital identity is a quick and affordable way to verify individuals in order to comply with the know your customer process and other financial regulations.
Image Source: iDenfy