Europe’s biggest cryptocurrency automotive marketplace has combined with the UK’s leading anti-money laundering (AML) software provider to offer the quickest and most secure car purchase process on the market.
AutoCoinCars.com, which has an inventory of more than 42,000 vehicles from more than 800 dealers in a range of cryptocurrencies, is using SmartSearch’s know your customer and know your business technology to ensure its crypto customers – and dealers – are legitimate.
AutoCoinCars founder Mustansar Iqbal argues that crypto’s much-publicised links to cybercriminals should not prevent it from being used properly by valid holders of the currency: “We have created the largest marketplace in crypto space and it is vital that we take a lead in being fully compliant and legal so that our customers and dealers can have confidence in their transactions.
“There are so many barriers for cryptocurrency holders who are trying to spend what is a legitimate monetary asset.
“SmartSearch’s innovative technology helps us to remove all those barriers, provide the reassurance that our customers and dealers need – and to settle balances faster than a debit or credit card transaction.”
The confluence of the two pioneering technologies allows AutoCoinCars to accept a range of genuine cryptocurrencies, mainly from virtual asset service providers but also from unhosted wallets.
Mustansar added: “We have registered users all over the world but won’t work with anonymous currencies. Combined with the SmartSearch API, our platform verifies the identity of both the customer and the dealer, as well as establishing the ultimate beneficiary of the transaction. Then, regardless of the volatility of cryptocurrency, our machine learning software ensures that the dealer receives the exact invoice price paid.”
Without the intervention of the AutoCoinCars platform, the constantly changing rates of cryptocurrencies could see dealers potentially losing money if the value of the currency decreases between the time of the transaction and the payment.
James Langrick, enterprise business development manager at SmartSearch, said: “It’s amazing to see our two pioneering technologies working together to ensure this cutting-edge marketplace is AML compliant.
“It is becoming generally accepted that cryptocurrency transactions will be part of the future but the size and popularity of AutoCoinCars shows that future is already here.
“We are proud to see our technology play a part in it.”