If one thing is for certain in the cryptocurrency space, more cybersecurity is needed in the sector and Hilltop Cybersecurity (CSE:CYBX) is putting forth its efforts in doing just that.
On March 5, the company revealed that it has developed a new cryptocurrency wallet for coins and private keys that are protected by biometric securities. According to the release, the device uses Hilltop’s biometric cryptocurrency security technology that protects and stores coins and private keys in “cold-storage.”
The company had previously announced that it filed its patent application for the biometric security solution back in December. According to that release, the purpose of the device is to protect against cybersecurity attacks on cryptocurrency exchanges and platforms, exampling missing passwords and theft as the some of the biggest culprits tainting the cryptocurrency industry.
“As cryptocurrencies continue to grow, so does the intensity of criminal activity,” Corby Marshall, CEO of Hilltop Cybersecurity said in the March release. “The industry has to embrace security if it is to thrive.” Back in December, Marshall said that as many as 3.79 million bitcoins are estimated to be gone forever, which is approximately 23 percent of all circulating bitcoins.
In an interview with the Investing News Network (INN), Marshall said if someone can’t use a digital currency in a mainstream transaction, then it will only ever be a novelty.
“Whether you view [cryptocurrencies] as fiat currencies or not, I believe if [they are] going to go mainstream in business transactions … you have to make them safe,” he said.
Marshall said the company’s focus is on small-to-medium businesses and providing those companies with software and services that protect their enterprises and activities within those enterprises. In terms of Hilltop’s cryptocurrency wallet, Marshall said the company isn’t focused on the consumer market, and will instead cater to Hilltop’s small business audience. But, in the event the product catches consumer attention, Marshall said Hilltop may license it to a different company to sell.
“I think consumers are going to be interested in [the product] because one of the ways we’ve architected it is that it has cold keys and cold coin storage,” he said. “You don’t story anything on the device that’s of value.” Marshall continued, stating that the device has a “full factor” security and it has the notion of a GPS location, meaning the location on the device has to match up with where the user is. If the device and the user’s location don’t match up, then the device won’t work.
While the biometric-security cryptocurrency wallet was announced last week, Marshall said it will be a few months until the device completes its beta stage before being sold to businesses. From there, it will be determined as to whether or not it will be sold to a consumer audience.
Since the announcement, shares of Hilltop Cybersecurity have dipped by 22.86 percent to close at $0.54 on Tuesday (March 13).
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.