IdentityMind provides back-end software to 25 cryptocurrency exchanges that helps them meet various government standards for anti-money laundering (AML) and Know Your Customer (KYC) requirements. This reduces the risk of fraud and identity theft on exchanges, which is a huge concern–if an exchange is hacked, the hacker can get large amounts of money, anywhere in the world, and no one will know who you are. The IdentityMind software can share meta data with all of the exchanges that use it, so a successful customer onboarding on one exchange can be shared with all the rest. The key to reducing the risk to exchanges lies in customer onboarding, by creating a tiered classification of the risk that each customer poses, with different validation techniques for each tier. All of this is done on the back-end, so that customers of each exchange doesn’t necessarily know that it is taking place. IdentityMind is also working on a software plug-in that can validate customers against AML/KYC regulations worldwide, depending on where they and the exchange are located.