Unikeys, a Hong Kong-based biometric digital holding company, has developed its own cryptocurrency payment card called UKEy. This is a first initiative in terms of the inclusion of fingerprint technology to secure users' crypto-currencies.
The Ukey solution
The biometric cryptocurrency card has the shape of a regular payment card. It is designed to host virtual currencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC).
Equipped with an integrated fingerprint sensor, the card saves and stores fingerprint data . A biometric authentication of the users will be done automatically on each transaction to guarantee a maximum of security.A biometric card should end phishing (phishing) campaigns that have cost the industry dearly. Consumers are losing trust in traditional financial solutions providers every day.
Unikeys has applied for a license for its emerging technology. It is currently in talks with many potential partners to develop its innovative solutions.
In addition, it appears that Visa and Mastercard are working on the development of an alternative to the existing system to minimize fraud attempts. However, both companies are still far from the final solution.
A revolution in the market
The biometric component of the Ukey Card is the result of the partnership between Unikeys and MeReal Biometrics, sitting in Hong Kong. The latter was largely inspired by a Swedish firm that is expert in this field to create its own fingerprint sensor technology. Unikeys' key advantage over its competitors remains its market support for cryptocurrency payments . It is also planning to launch a pilot project for its solution in Hong Kong, but the details have not yet been disclosed.
It is obvious that the Unikeys project is favorable to a massive adoption of virtual currencies. It develops a fast and frictionless payment technology . Its merchant ecosystem would allow merchants to accept Ukey card payments, and crypto-currencies can then be exchanged for fiduciary currencies such as the dollar, the euro, the JPY or the HKD.
On the other hand, Unikeys offers a framework based on off-line payment channels, which speeds up the secure transaction - a fraction of a second - using the Ukey card.
Alexandre Tabbakh, the CEO and co-founder of Unikeys, said:
"At Unikeys, we aspire to become a true catalyst for cryptocurrency integration. Biometrics will finally provide real security and peace of mind to encourage mass adoption. At the same time, the structure of our merchant ecosystem and our payment channels will streamline and speed up transactions, making payments in virtual currencies a real practical option for users. We innovate in the market. The Ukey card offers the speed and convenience of a credit card while maintaining the security of a cold storage wallet and the decentralized independence of Blockchain technology. "What do you think about the UKEY cryptocurrency biometric card ? Tell us in the comments section below.
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