Hill Top Security files patent application for a biometric security system for cryptocurrencies
Hill Top Security has filed a patent application for a biometric security solution designed to protect bitcoin and other cryptocurrencies from theft and loss.
The solution, UxToken, is a biometrics-enabled, GPS trackable crypto-currency private key safe storage. The application was developed by Hill Top’s in-house team of former U.S. military officers and personnel. According to a company statement, this cryptocurrency security helps bridge the divide between completely anonymous transactional parties and a reasonable assurance of participant identity, that is aligned with compliance requirements in standard, market-based asset transactions.
“As many as 3.79 million Bitcoins are estimated as lost forever – that’s nearly 23% of all Bitcoins in circulation, which is close to $30 Billion at current market value,” explains Corby Marshall, CEO of Hill Top Security. “This patent application covers our new biometric crypto-currency security app, which will provide biometric protection of these currencies, in particular, with offline (cold) storage and the recovery of lost passwords.”
Hill Top recently signed a letter of intent with Big Wind Capital, pursuant to which Big Wind intends to acquire various interests in Hill Top Security and its assets. Completion of the transaction is subject to a number of other conditions, including acceptance by the Canadian Securities Exchange and entering into a formal definitive agreement.