Hilltop Cybersecurity develops biometric cryptocurrency wallet
Hilltop Cybersecurity has announced the development of a new wallet for cryptocurrency coins and private keys protected by user biometrics.
The company developed a prototype device with patented biometric cryptocurrency technology, which allows the user’s biometric data, such as a thumbprint, to act as the private key in an asymmetrical key system for cold (offline) storage. The device is meant to protect against both theft and lost passwords, which it estimates have rendered 23 percent of all Bitcoins in circulation permanently lost.
“As cryptocurrency continues to grow, so does the intensity of criminal activity, as the recent $534M hack of NEM (XEM) shows,” says Hilltop CEO Corby Marshall. “The industry has to embrace security if it is to thrive. Hilltop’s biometrically-secured wallet is the result of our pioneering research and development in cryptocurrency security and a commitment to giving our customers enterprise cyber-security as opposed to point solutions.”
The Vancouver, British Columbia-based Hilltop Cybersecurity was created in its current form in February through a deal between Big Wind Capital and Hill Top Security, Inc., which filed the biometric patent in December. It also offers patented cybersecurity platform Vauban, which it bills as military-grade.