Ripple‘s venture department Xpring has participated in the seed funding of Keyless. Keyless is a cybersecurity company that seeks to develop security tools that will allow users to access their private keys through biometric verification.
Keyless sees investment from major industry players
The firm claims to be the first company to bring together bimetric with secure multi-party computation. The idea attracted many esteemed industry players such as gumi Cryptos Capital, Ripple’s Xpring, and Blockchain Valley Ventures, among various others.
The company’s founder stated that the solution would conduct the verification on the spot and hence prevent the network from spying on the person. It would also mean that the authentication would occur on the spot and will not be “just a session replay of a previous” check.
The firm has already conducted beta testing and has integrated with two crypto wallets for its first product. The product dubbed as Keyless Authenticator would protect software data as well as all information stored on the device, the cloud storage, and internet-of-things technologies. The company is currently integrating with two more firms for launching Keyless Authenticator by the end of this year.
All investing companies believe that the idea is a revolution to crypto security and would bring privacy and efficiency along with it. Ripple invested in the company due to its versatile use cases. Senior Xpring official Ethan Beard stated that the solution was “well thought out” and that it will be welcomed by wallet providers.
The solution increases efficiency and reduces time consumption. Therefore, it can speed up the verification process at exchanges and
