Replacing Traditional Authentication Methods
The new feature shifts away from traditional one-time passcodes, opting instead for fingerprint or facial recognition methods. This aligns with a rising trend seen among organizations as they adopt passkey technology to improve security and user experience.
The Passkey functionality has been integrated into Mercuryo’s network of 200 partners, including non-custodial wallets such as TrustWallet. It is compatible across iPhone, Android, and Windows devices, allowing users to authenticate their identities using biometric data stored on their personal devices. This builds upon cross-platform FIDO (Fast IDentity Online) authentication standards supported by major tech companies.
Addressing Security Challenges in Web3
Unlike passwords or SMS/email-based one-time passcodes, which are vulnerable to phishing and malware attacks, the Passkey feature securely stores encrypted login credentials directly on users’ devices. This approach aims to solve a significant security issue in the Web3 space.
The adoption of biometric authentication solutions is anticipated to grow significantly over the next few years. According to industry projections, the market for biometrics is expected to reach USD 187.18 billion by 2031, with a compound annual growth rate (CAGR) of 20.7% from 2024 to 2031.
Ensuring User Data Security
By leveraging Passkey, Mercuryo is contributing to the growing demand for secure authentication methods in the digital asset sector. However, concerns about biometric data management persist; a Cloudwards survey revealed that over half of consumers are concerned about how their biometric information is stored and managed.
Furthermore, 85% of users expressed worry about using biometric technology in 2023 due to its potential integration with AI. Despite these concerns, the shift towards more secure authentication methods remains a critical direction for Mercuryo’s strategy.
