Trove launches cryptocurrency wallet with wearable for ECG biometrics
A new wearable cryptocurrency wallet unlocked with heart beat (ECG) biometrics has been developed by Benjamin Hubert of Irish design agency Layer, Irish Examiner reports.
Trove consists of a device Layer calls a “Coin,” which can be worn as a bracelet, pendant, or brooch, along with a home-storage system called Safe and an app. Safe is designed to look like a wall tile, and like the app is unlocked by Bluetooth from the Trove Coin once the user is authenticated. The Safe remains offline as cold storage until funds are transferred to maintain security, while the app provides prices for various cryptocurrencies, enables buying and selling, and shows spending history.
Biometric authentication, which is activated by touching a contact zone on the circular 3mm by 20mm Coin, prevents the cryptocurrency wallet from being hacked, and avoids the risk of currency becoming inaccessible when a credential is lost or forgotten.
A recent study commissioned by Mitek showed that more than two-thirds of cryptocurrency wallets and exchanges use inadequate identity verification. This may be changing, however, as a series of new biometric cryptocurrency wallets and onboarding partnerships with platforms have been launched this year.