Why Crypto Exchanges, Digital Wallets, and NFTs Need to Increase their Security Measures

During the advent of the digital revolution, countless technological advancements have been made. From the development of smartphones to the improvements in computers, every refinement in the technological industry was aimed to make people’s lives easier. One example of this is cryptocurrency. 

In the past, you either have to seek high-paying jobs or invest in financial firms to earn large sums of money. But these days, you can invest full-time or gain an additional income through cryptocurrency. This digital currency is designed to work as a medium of exchange through a network that is not reliant on a central authority (the government or bank) to maintain.

If you are new to this, it is understandable to be confused about how cryptocurrency works. So to give you an idea about it, cryptocurrency works in digital coins. Investors buy currencies, such as Bitcoin, Litecoin, Ethereum, Ripple, etc. and wait until their value rises. Once their market prices increase, investors can then sell a profit. Engaging in staking, interest accounts, airdrops, and play-to-earn games are also ways to earn from cryptocurrency.

Given all these, it is evident that cryptocurrency truly has a potential value. In addition, it also opened business opportunities for companies, such as crypto exchanges that allow people to trade crypto and other digital assets. Because of these, it is understandable how it steadily became a global phenomenon.

As the crypto industry continues to grow, it is slowly becoming evident how the internet made people’s lives more convenient. However, everyone must also remember that it has also posed various threats. It is no longer news that many individuals have fallen victim to cyber-attacks. And with the increased demand for cryptocurrency, this trend will undoubtedly be seen as a gold mine for fraudsters. Therefore, investors and traders now need mobile applications with robust security and payment authentication for more secure withdrawals or online transactions.

Fortunately, there is now FIDO2 certification that can offer a robust authentication for investors and traders. This technology supports an MFA or multi-factor authentication through biometrics and cryptographic keys, allowing a passwordless login to occur. While this has the same functionality as the one used in passwords, the FIDO2 key is more reliable and secure. 

If you want to know more about the FIDO2 technology and how can it help in increasing the security of crypto exchanges, digital wallets, and NFTS, you may continue reading this article created by LoginID.