“For Avarta, this technology represents a means of not only beefing up security, but ensuring that the user experience is optimal.”
FaceTec’s sophisticated biometric technology is once again playing a critical role in an ambitious crypto project. In this case, the company’s partner is Singapore-based Avarta, a startup that is working to build an identity platform tailored to the decentralized finance and Metaverse spaces.
Avarta’s aim is to establish a trust scoring system based on aggregated wallet data collected from multiple blockchain platforms, while empowering end users with the ability to control what information they share with trusted third parties when seeking to gain access to regulated platforms or whitelists. Avarta is also looking to leverage geofencing and device scoring for its identity platform, and has patented what it calls a “Dynamic PIN Lock” system.
FaceTec’s technology represents another “important piece of the puzzle,” the startup explained in a blog post, explaining that FaceTec’s 3D facial recognition and liveness detection technology “virtually eliminates spoofing and fraud.” FaceTec’s solution allows end users to confirm their identities through selfie-based biometric authentication, with three-dimensional face mapping establishing a much more robust basis for verification than that offered by conventional, 2D biometric systems.
For Avarta, this technology represents a means of not only beefing up security, but ensuring that the user experience is optimal.
“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,” explained Avarta CEO Matthew Ainscow. “With FaceTec we can achieve that goal.”
For FaceTec’s part, CEO Kevin Alan Tussy called it an honor to play a foundational role in Avarta’s platform. “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.”
While FaceTec is enjoying booming business across a number of sectors – the company recently reported a 246 percent jump in revenues for 2021 – the Avarta partnership represents its latest expansion in the emerging crypto space, where FaceTec’s technology has also been deployed to secure the ZenGo crypto wallet, and to help establish the foundations of an innovative ‘Proof of Existence’ blockchain project called Humanode.
February 1, 2022 – by Alex Perala