“In implementing biometric security based on facial recognition, Bitcoin IRA joins a growing trend in the cryptocurrency space, with players like the Paxful marketplace and the ZenGo cryptocurrency wallet also having recently embraced face-based authentication.”
Bitcoin IRA, a platform designed specifically to allow individuals to buy and sell Bitcoin cryptocurrency through their Individual Retirement Account or 401(k), has now implemented biometric security to keep its digital assets safe.
Calling it an “Advanced Biometric Security (ABS)” system, Bitcoin IRA’s solution revolves around the use of facial recognition for customer authentication. Bitcoin IRA says the solution is now available for users completing applications online, and that it plans to expand the system to authentication for trading sessions later this month.
The biometric feature’s arrival follows after Bitcoin IRA’s partnership with BitGo Trust Company, a digital assets custodian offering SOC 2 Type 2-certified security and carrying $100 million custody insurance.
“Security is of paramount importance to self-directed cryptocurrency investors,” commented Bitcoin IRA COO Chris Kline in a statement announcing the platform’s new biometric security. “In addition to our world-class custody security offering with BitGo Trust our new feature elevates the standard in the industry by going beyond traditional security methods.”
In implementing biometric security based on facial recognition, Bitcoin IRA joins a growing trend in the cryptocurrency space, with players like the Paxful marketplace and the ZenGo cryptocurrency wallet also having recently embraced face-based authentication. And this is part of a larger trend in the financial services industry more broadly as a growing number of organizations, from cryptocurrency-focused startups to established banks, embrace biometric security.
Like all biometrics solutions, face recognition technology measures and matches the unique characteristics for the purposes of identification or authentication. Often leveraging a digital or connected camera, facial recognition software can detect faces in images, quantify their features, and then match them against stored templates in a database.
Face scanning biometric tech is incredibly versatile and this is reflected in its wide range of potential applications. Learn more on Mobile ID World’s Facial Recognition page.