The crypto boom is leading to a surge in business for compliance companies that help businesses verify customer identities and make sure their funds are legitimate.
Onfido, which automates ID checks, saw a 10x increase in crypto-related business in the fourth quarter of last year.
LONDON — The recent boom in cryptocurrencies isn’t just creating wealth for companies issuing their own digital tokens or investors speculating on them — compliance guys are doing well too.
“The start of Q4 to end Q4 [there was] a 10x increase in checks for crypto clients,” Eamon Jubbawy, the cofounder and COO of document verification business Onfido, told Business Insider.
The global cryptocurrency market surged towards the end of 2017, doubling in size in a matter of months as startups rushed to raise money issuing their own cryptocurrencies and new investors piled into the market in the hopes of making big returns.
The surge in interest meant many cryptocurrency…