Canada’s EQ Bank Partners with Trulioo for Biometric Identity Verification + More Crypto News

Author: CoinSense

Get your daily, bite-sized digest of blockchain and crypto news – investigating the stories flying under the radar of today’s news.

In today’s crypto news:

  • Canada’s EQ Bank Partners with Trulioo for Identity Document and Biometric Verification
  • New Security Database Tracks Million Dollar Hacks
  • Spot Volumes Rise for the Fourth Consecutive Month


Canada’s EQ Bank Partners with Trulioo for Biometric Identity Verification

Identity platform Trulioo has partnered with EQ Bank, the digital platform of Canada’s challenger bank and a wholly owned subsidiary of EQB Inc., rated as the top bank in Canada on Forbes’ World’s Best Banks list.

According to the press release,

“EQ Bank chose Trulioo Identity Document Verification, Workflow Studio, and Business Verification to streamline customer and business onboarding.”

The bank selected Trulioo Identity Document Verification to capture and verify ID documents and selfies when customers open accounts online. The tool features advanced AI checks, face comparison, and liveness detection.

The Trulioo Workflow Studio is a no-code, drag-and-drop workflow builder. EQ Bank will use it for fast, flexible Identity Document Verification integration. This tool allows the bank to add verification steps and configure onboarding processes based on results at each stage.

It also enables the bank to configure a customized list of document types it would accept for verification to comply with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulations. Trulioo SDKs adapted to the predetermined rules and gave EQ Bank customers options based on the location where their documents were issued.

The announcement added that,

“Customized onboarding experiences, combined with Trulioo expertise working with major banks and fintechs across the globe, provide a key advantage for EQ Bank to stay ahead of evolving industry best practices.”

Mahima Poddar, EQ Bank SVP and group head of personal banking commented that this partnership allows the bank to continue meeting regulatory requirements while providing “tailored, best-in-class customer onboarding experiences with the least friction and the highest chance of verification.”

According to Trulioo CEO Steve Munford, “EQ Bank is at the forefront of the digital banking experience. […] The customizable, integrated Trulioo platform reduces onboarding friction with flexible workflows that deliver the highest verification assurance.”

New Security Database Tracks Million Dollar Hacks

Blockchain security experts ChainLight announced a new database that enables users to track all Web3 hacks in just one click.

The press release shared with Cryptonews stated that,

Lumos has been designed to enable anyone to access information about hacks historically enabling greater transparency and due diligence in web3.”

Per the team’s tweet, the database contains Web3 hacks from 2023. The data was sourced from its internal database.

The team has used this database for months to conduct internal case studies and research. “And now, we’re making it available to the public,” it stated.

The reason for making the internal database public is to create a safer and more mature Web3 space. ChainLight noted that $1.8 billion was lost in hacks in 2023 alone. “Countless projects, builders, and communities have suffered.”

Chainlight CEO Brian Pak argued that “it is crucial for us to provide transparent information to the public and alert them to the existing risks stemming from both the smart contract and the project’s team. This will enable them to make better decisions when it comes to using, investing in, or collaborating with affected projects.”

Spot Volumes Rise for the Fourth Consecutive Month

In January, the spot trading volumes on centralized exchanges rose 4.45% to $1.40 trillion, according to the latest report by on-chain analytics firm CCData.

This marks the fourth consecutive increase in monthly spot trading volumes.

Per the report,

“The price action following the highly anticipated approval of spot Bitcoin ETFs in the US suggests that the sell-off marked the end of an uptrend that had persisted for months.”

Trading volumes remain at a heightened level, it added. Spot volumes in the last couple of months have grown to levels not seen since 2022.

Unsurprisingly, the approval of spot Bitcoin exchange-traded funds (ETFs) in the US is the main driver behind this.

Binance remains the largest spot trading exchange, with volumes rising 2.73% to $437 billion, recording a market share of 31.3%.