Cryptocurrencies in 2021 are closer to being mainstream than ever. El Salvador has made bitcoin legal tender, the value of cryptocurrencies continues rising (despite some falls, too), and the ongoing interest and excitement around crypto has only increasing.
Cabital, was founded in 2020 by its CEO, Raymond Hsu, in 2020.
Raymond comes from a banking and tech background in various leadership roles at Citibank, Standard Chartered Bank, eBay, and Airwallex. Cabital’s leadership team has extensive experience working in traditional finance, including leading banks such as JPMorgan, Nomura Securities and UBS.
So, based in Lithuania, Cabital offers crypto-based savings products that promise interest rates as high as 12%, and to stay in line with European AML/CTF principles and Lithuania’s domestic requirements, Cabital needed to find a secure and compliant solution for customer verification and due diligence.
The company also needed to ensure that identity checks wouldn’t hamper conversion, which is why they chose Sumsub’s solution.
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We're told Sumsub will provide Cabital "with sophisticated and secure 2-minute identity checks, adjustable to the requirements of 220+ countries and territories.
:Users pass Sumsub’s verification routine in two quick steps: first, they submit a photo of their passport; then, they go through biometric video identification (otherwise known as “liveness”).
"The liveness step will further enhance Cabital’s security, given its compliance with iBeta, the highest quality standard in facial biometrics. Cabital will also benefit from Sumsub’s automatic reporting, which is easily generated and accepted by European regulators."
The global wealth management market is poised to grow by $318.95 billion by 2025, progressing at a CAGR of 8%. Meanwhile, regulations around wealth management will get more and more complex. This highlights the need for efficient and compliant solutions that ensure both smooth user experience and fraud-proof security.
Raymond Hsu, Cabital's Founder and CEO said: "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.”
Jacob Sever, Co-founder 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."