AlphaPoint has just announced that it is integrating two-factor authentication service Clef into its platform, making it convenient to login securely to more than 20 exchanges that depend on its digital currency exchange technology.
According to the company, AlphaPoint “offers a white label solution that allows clients to launch their own digital currency exchange in under 20 days.” AlphaPoint has also recently partnered with IdentityMind to solve know-your-customer and anti-money laundering compliance issues.
No more passwords, no more tokens
Security has always been an important focus in the digital currency world, but high-profile hacks of several exchanges have only heightened these concerns. Clef, which has already integrated its authentication service into more than 64,500 websites, also works with Apple’s Touch ID technology on iOS devices. This allows users to sign in using biometric authentication, increasing the difficulty to compromise an account secured this way.
Typically, two-factor authentication (2FA) requires users to remember a number shown to them through an app or device and enter it into a login page. Clef automates this process by using the phone’s camera and an animation called the Clef Wave; the phone seamlessly syncs with the computer and logs the user in. The service is readily available for iOS and Android, and can be downloaded for free on the App Store or Google Play.
“We take security extremely seriously and are always looking to leverage the latest solutions for our exchanges and their users,” said AlphaPoint CTO Joe Ventura. “We’re very excited to offer Clef’s robust, intuitive solution and believe it will help ensure more traders use 2FA to protect their accounts.”
2FA from the future
While relatively new in the digital currency ecosystem, Clef has already announced deals with major players such as Koinify, a marketplace for decentralized applications, and Ziftr, a service that allows shoppers to use credit cards and bitcoin seamlessly. When asked about AlphaPoint, Clef CEO Brennen Byrne said, “They also have huge reach into bitcoin so it’s exciting to work with them and help make 2FA on their client exchanges more accessible and user-friendly.”
It is this ease of use that is Clef’s major advantage over other 2FA solutions such as receiving a second code via SMS. Traditional forms of 2FA see fewer than 1 percent of users opt in to protect their accounts, but Clef claims that sites using its service have seen more than 50 percent of their users opt in to safer login.
The company offers five packages for security, ranging from a free service without premium features for unlimited logins and users to an enterprise solution with fraud and usage metrics and dedicated support.