HYPR Corp., a New York, N.Y.-based firm which decentralizes the storage of biometric data to enable secure passwordless authentication across mobile, desktop and IoT systems, has partnered with Palo Alto, Calif.-based BitGo, Inc. to extend biometric authentication to the blockchain space to secure cryptocurrency, digital assets, private keys and identities. The alliance links biometric security with the blockchain.
BitGo secures more than $1 billion per month in digital assets with over 10,000 transactions on any given day. The company recently announced a new feature – BitGo Instant, which promises instant settlement for bitcoin transactions, CCN reported.
HYPR allows enterprises to maintain encrypted biometric data offline, decentralized, and out of hackers’ reach. Connecting HYPR’s decentralized biometric security platform to the digital asset space alongside BitGo enhances security and usability across blockchain-centric use cases.
“It’s astounding how often our enterprise clients request a solution for blockchain security upon integration of our technology,” said George Avetisov, CEO of HYPR Corp. “BitGo and HYPR share a common view of the importance of decentralized security protocols. I cannot imagine a better team to partner with.”
“All of our customers are asking how to use biometric security to protect their digital assets,” added Mike Belshe, CEO of BitGo. “The HYPR team has been laser focused on this and provides a great solution for us.”
Numerous Use Cases
The partnership will strengthen customer experience and security needs on both sides of the fence for use cases such as: streamlined UX through HYPR-Secure biometric login, decentralized identity, and the integration of BitGo’s multi-signature platform for HYPR customers.
The partnership will also allow financial institutions to adopt blockchain and biometric security technologies to minimize friction for their customers by providing an integrated solution instead of a disjointed combination of solutions. The partnership brings the adoption of Fast Identity Online (FIDO) security standards, bolstering a digital currency giant’s push towards the FIDO protocol.