FaceTec biometric identity proofing, liveness integrated for DeFi, metaverse trust
Decentralized identity management startup Avarta, which provides a multi-chain, multi-asset digital wallet secured with biometrics, has selected FaceTec’s 3D Face Liveness and biometric matching software to power its identity proofing and authentication.
Avarta is building a scoring system intended to bring privacy-preserving trust to DeFi and metaverse applications, and give trusted users benefits like priority access and lower collateralization rates. The Avarta Wallet includes patented Dynamic PIN Lock, device scoring and geofencing features, which the company says will help it serve as a cornerstone of anonymous trust for Web3.0.
The integration of FaceTec’s 3D face biometrics provides matching accuracy the company says is orders of magnitude higher than the best 2D algorithms, and liveness detection that virtually eliminates spoof attacks and fraud.
“Our goal is to provide cryptocurrency investors with a user-friendly and highly secure non-custodial wallet, the most secure digital wallet in the world,” says Avarta CEO Matthew Ainscow. “With FaceTec we can achieve that goal.”
FaceTec credits its Spoof Bounty Program and battle-tested experience in real-world conditions for the effectiveness of its biometric technology, which it says performs identity verification and authentication in about two seconds.
“We’re excited to be an important part of Avarta’s very smart, comprehensive approach to solving the critical issue of user authentication in blockchain-based crypto wallet solutions,” adds the CEO of FaceTec, Kevin Alan Tussy. “We’re honored to have FaceTec’s advanced 3D AI technology provide a foundational role in Avarta’s bold new approach to digital wallets.”
The partnership is the second digital wallet biometrics partnership formed by FaceTec in early-2022, following a rollout by First Abu Dhabi Bank.