Ripple has invested in a $2.2 million USD seed funding round by London-based cybersecurity startup Keyless via its investing division, Xpring. Keyless claims to be the first company in the world to combine biometrics with secure multi-party computation.
Xpring was launched in 2018 with the intention of enabling the Internet of Value, an online ecosystem allowing for the seamless movement of money. Since then, it has evolved into more of a startup investment arm of Ripple, funding unique and high-potential projects in the world of crypto in order to enable widespread adoption of digital assets. It is unsure exactly how much it has invested in Keyless, but it is believed to be one of the more sizeable investments alongside venture fund Cryptos Capital.
Ethan Beard, Senior Vice President of Xpring, said Ripple has made this investment due to the potential for widespread adoption across a range of industries. “During our technical review, we found Keyless’ solution to be clever and well thought out. We believe Keyless’ solution will be particularly welcomed by wallet providers and exchanges to accelerate the verification process for crypto holders.”
While Keyless’ technology still remains under development, the company recently completed beta testing with two crypto wallet customers for its first product, the Keyless Authenticator. The authentication technology is said to protect personal data across cloud, mobile, and internet-of-things technologies by allowing users to split up multiple parts of their biometric information, such as the face or fingerprint, and send the encrypted data to multiple nodes.
>> Altcoins Attempt to Build Gains After a Big Jump in Bitcoin
Ripple’s investment branch has been busy at work funding various projects, having recently acquired payment platform Logos Network to help develop decentralized financial products. Last month, it launched a new software development kit that allows for the integration of XRP apps in multiple programming languages, providing far greater scope for the development of unique blockchain products.
Featured Image: DepositPhotos © adriantoday