A biometric security platform, HYPR, has entered into agreement with BitGo, a Palo Alto-based bitcoin security service provider, to deliver biometric authentication to the blockchain industry. The deal will combine the distributed ledger with biometric tokenization, which will help to ensure the security of virtual currency, private keys and digital assets.
“It’s astounding how often our enterprise clients request a solution for blockchain security upon integration of our technology. BitGo and HYPR share a common view of the importance of decentralized security protocols. I cannot imagine a better team to partner with,” George Avetisov, the chief executive of HYPR, said in a press-release.
“All of our customers are asking how to use biometric security to protect their digital assets. The HYPR team has been laser focused on this and provides a great solution for us,” said the BitGo’s chief executive, Mike Belshe.
The deal will help to improve the customer experience by combining two solutions in one. It will offer HYPR customers a decentralized identity via its biometric login and BitGo’s multi-signature system. Besides, the partnership will bring together the implementation of Fast Identity Online (FIDO) security standards.
Built on asymmetric cryptography, HYPR will reduce the risk of hacker attack to a minimum by allowing companies maintain encrypted biometric data offline and decentralized.
“The introduction of HYPR’s decentralized biometric security platform to the digital asset space alongside BitGo enables an unprecedented push towards enhanced usability and security across blockchain-centric use cases,” the firms stated in a press release.
BitGo is now the major bitcoin security company, processing over $1 billion in bitcoin transactions a month and more than 10,000 transactions each day. BitGo became the first company to create multi-sig digital wallets to allow large corporations and financial enterprises manage their bitcoin funds. The company’s digital wallets enable financial controllers, including auditors and accountants, to easily track digital asset transactions of their clients.
BitGo’s investment portfolio includes some prominent Silicon Valley venture capitalists and bitcoin community memebers, such as Redpoint Ventures, Liberty City Ventures, Crypto Currency Partners, Barry Silbert’s Bitcoin Opportunity Corp., and others. The company is committed to facilitate further growth of the virtual currency industry by solving primary security issues faced by its global customers.
HYPR provides password-less authentication for desktop, IoT and mobile platforms, decentralizing the storage of encrypted biometric data. The customers can use different methods of biometric authentication, including smartphone cameras, microphones on mobile phones and fingerprint sensors.