NEW YORK, NY – HYPR, the Silicon Alley fintech and cybersecurity startup, was recently featured in the respected Bitcoin publication CoinDesk.
Reporter Tanaya Macheel and contributing author Stan Higgins provide spot-on coverage of the three-factor biometric payment gateway HYPR-3 that is launching in May 2015 and will be available for pre-order in January.
HYPR Introduces Fingerprint Scanning to Secure Bitcoin Transactions
By Tanaya Macheel with Stan Higgins
If there’s one thing standing in the way of mainstream bitcoin adoption, it’s cyberfraud.
So says the team at HyprKey, the startup aiming to protect digital currency users from fraud by utilizing the HYPR-3 three-factor authentication protocol.
HyprKey works by creating a biometric authentication bridge between the user and the mobile wallet app built on top of it. It auto-converts bitcoin in real-time so users can spend it without ever even touching the digital currency by linking their debit cards, thereby authenticating transactions at the point of sale.
“The reason that [cyberfraud] struck me as the main problem is bitcoin is inherently an irreversible system of payment,” chief executive George Avetisov said in an interview with CoinDesk, explaining:
“The problem with fraud is we can’t use reversible digital payment systems like debit cards and credit cards and the current banking system that we have, which is reversible, to transact with irreversible digital currency.”
While people in the bitcoin community are racing to create or discover the killer app that will make bitcoin more mainstream, HyprKey holds that it won’t be an app, but rather, a protocol.
“We’re missing a protocol,” Avetisov said. “That protocol is off-device authentication.”
For the full article in CoinDesk, please click here.
HyprKey welcomes inquiries from media and enterprise partners concerning the HYPR-3 biometric digital wallet gateway. The company is also eager to hear from parties seeking to review the HyprKey password manager app. This product, currently undergoing beta testing, is separate from the HYPR-3 biometric payment gateway. Company representatives will respond from New York (EST) within 24 hours.