Avarta brings biometric digital wallet to Indonesian crypto exchange collaboration
Avarta, a decentralized finance and identity firm that offers a cryptocurrency wallet secured with biometrics from FaceTec, will work with Indonesian cryptocurrency exchange TokoCrypto to elevate the status of the digital assets within Indonesia.
As part of the partnership, the two companies will develop a marketing plan to promote Avarta’s biometrics-backed, multi-chain, multi-asset keyless wallet, Trust Scoring system and authentication tools for Indonesian cryptocurrency users and Web3 community. They will also promote the adoption and awareness of cryptocurrency in Indonesia.
The announcement cites exchange Gemini’s ‘Global State of Crypto Report,’ which shows a world-leading 41 percent of Indonesians own crypto assets.
TokoCrypto was an early-stage investor in the development of Avarta, and after partnerships focused on GameFi and DeFi, the deal with Avarta marks its first direct move into crypto security and compliance, according to the announcement.
Avarta uses FaceTec’s 3D Face Liveness and biometric matching software for its identity proofing and authentication service.
FinanceFeeds reports that TokoCrypto is supported by Prince Abdul Qawi, Prince of Brunei. The news site also quotes Avarta CEO Matthew Ainscow, who said in a statement, “We are excited to be working with the leading exchange in Indonesia and one of the largest in South East Asia. Working together, we aim to ensure both the highest levels of security and trust in the marketplace.”