IriTech iris biometrics to provide account and transaction security for cryptocurrency startup Gigzi
Blockchain-based financial system startup Gigzi has announced a partnership with IriTech to secure customer account access through iris recognition technology.
Gigzi offers a cryptocurrency system in which users store wealth in tokenized precious metals, in a decentralized financial system. The independent management of wealth by cryptocurrency users requires the strongest security measures, and the Gigzi Iris authentication and account access capability, developed jointly by Gizi and IriTech, sets a new security benchmark for decentralized applications, according to the announcement.
“IriTech is proud to partner exclusively with Gigzi for the development of security solutions for this exciting new financial technology,” says Dr. Daniel Kim, CEO of IriTech.
The companies have been working together since 2017, and Gigzi Iris is expected to reach end-users in early 2019.
“As a cryptocurrency user, I know that account security is paramount. For this reason, I chose to partner with the leading biometric security solution provider, IriTech. Gigzi is at the forefront of developing security protocols for decentralised applications and will be raising the security standard on the blockchain,” says Gigzi CEO El Asmar.
IriTech’s iris recognition algorithm is highly ranked by NIST and used by millions worldwide, according to the announcement, and its technology is used by the UN and the governments of the U.S. and India.
A study released earlier this year indicated that most cryptocurrency wallets and exchanges have inadequate identity verification measures.