Faster, first-time onboarding for crypto customers

“The results were remarkable. Working with GBG, CoinJar has saved thousands of resource hours, enhanced early-stage customer engagement and increased customer satisfaction.”

James Elia, General Manager
CoinJar

The customer

CoinJar is one of the world’s longest-running cryptocurrency exchanges. Since 2013, more than 600,000 people worldwide have used the CoinJar platform to trade and spend billions of dollars in Bitcoin, Ethereum and over 60 other cryptocurrencies.

The challenge

CoinJar completes tens of thousands of identity checks each year. But its old identity proofing process required too many, time-consuming manual reviews of ID documents.

“It was slow and prone to problems with unrecognised, expired and tampered documents,” says James Elia, CoinJar’s General Manager. “In December 2022, we ran an in-depth review of a list of leading identity verification solutions and chose GBG.”

The solution

CoinJar was looking for a single, scalable identity verification solution with international data coverage and advanced identity risk analysis and fraud protection.

“We were impressed by GBG’s ability to accelerate verification and enhance our customer onboarding experience,” says James. “Flexible integration options and a strong track record with fintech made GBG a great technology and cultural fit for us.”

We worked with CoinJar to configure identity data verification for faster, first-time customer onboarding to its platform, with a dashboard displaying real-time verification reports and targeting extended due diligence if required.

Together we increased CoinJar’s first-time customer pass rate to 80%, increasing overall completion rates and achieving average onboarding times counted in seconds.

The outcome

“The results were remarkable,” says James. “Working with GBG, CoinJar has saved thousands of resource hours, enhanced early-stage customer engagement and increased customer satisfaction.”

This is excellent news. We know customers are 50% more likely to remain with a company after an effective onboarding process, so it’s important to build brand trust from the first interaction.

Starting in the UK, we have reduced CoinJar’s reliance on ID checks, leading with secure identity data matching for compliant customer checks that take seconds and cost the company less. With trusted data sources in 50 countries selected to rigorous standards for identity security, we’re ready to scale with CoinJar’s international business.

“We chose GBG because they offer an end-to-end identity verification solution with strong international data access, including the UK, European Union and Australia,” says James. “We want to ensure KYC compliance across multiple jurisdictions, so it’s great that we can now securely verify thousands of customers with greater efficiency.”

Together we increased CoinJar’s first-time customer pass rate to 80%, increasing overall completion rates and achieving average onboarding times counted in seconds."