Arculus has released a new cold storage device for cryptocurrencies. Dubbed the Arculus Key, the device has the same dimensions as the average credit card, and connects to the Arculus Wallet mobile app through an encrypted NFC connection.
Users can simply tap the card against the back of their phone to establish that connection. From there, the funds stored on the cold storage device are protected with three-factor authentication. Owners need a six-digit PIN to gain access to the information in the Wallet, and are asked to verify their identities with their phone’s biometric authentication features. The Key itself is also built with an EAL 6+ Secure Element that acts as a physical token to prevent anyone from completing a transaction if the phone and the Key are not in close proximity.
When they set up their account, users are asked to create a series of recovery passwords that they can use to restore their funds should they ever lose their physical Arculus Key. The device does not have a battery or require any charging, and is compatible with more than a dozen cryptocurrencies, including Bitcoin and Ethereum.
Customers can use the Arculus Wallet to exchange different types of cryptocurrencies, or to trade cryptocurrency for a fiat currency. The holder must tap the Arculus Key to authorize each transaction.
“The growth of cryptocurrency is driving demand for a simple solution that delivers the mobility and state-of-the-art security needed to make cryptocurrency more viable for more consumers,” said Arculus Chief Innovation Officer Adam Lowe. “The Arculus solution will broaden cryptocurrency adoption because of the familiar behavior consumers have using their payment cards, creating an improved user experience as compared to products currently on the market.”
The Arculus Key will debut in the second quarter of the year, though people will be able to sign up for the waiting list in February. The Arculus Wallet app can be downloaded for free on Android and iOS devices.
Several cryptocurrency platforms have previously leveraged biometric authentication for security. Onfido is now providing biometric onboarding for the LocalBitcoins exchange, while ZenGo is protected with FaceTec’s ZoOm facial recognition technology.