By
Chimamanda U. Martha
June 11th, 2024
Crypto.com, a leading digital asset trading platform with over $1.1 billion in trading volume, has debuted new security features with enhanced security control for its users, setting a new standard for its competitors. The “state-of-the-art security system” includes passkeys and hardware tokens.
According to the announcement from Crypto.com, the introduction of passkeys and hardware tokens like Yubikeys, a hardware authentication device, is considered the strongest security controls for multi-factor authentication, offering “robust security that is both effective and user-friendly”.
“These solutions provide a seamless and highly secure way to safeguard users and significantly reduce the risk of account takeovers. Hardware tokens offer a completely segregated physical layer of defense that is essential in our comprehensive consumer protection strategy,” said Jason Lau, Chief Information Security Officer at the exchange.
The debut of these new security features saw a decrease in the price of the native token of the crypto exchange, Cronos (CRO), as per the data from CoinMarketCap. The digital asset’s price declined almost 5% in the past 24 hours, followed by a 7% decline in the last seven days. Additionally, the cryptocurrency is down 25% in 30 days but has shown decent performance since June 2023, printing 52.94% in gains.
The trading volume of the CRO token rose 114.98%, standing at $7.8 million, while the market cap of the altcoin is $2.36 billion, making it the 37th largest digital asset in the crypto space by valuation. However, the altcoin has dropped 90.77% from its all-time high witnessed in 2021 after the cryptocurrency hit a price tag of $0.9698.
If the crypto exchange continues to introduce new features and add value to its platform, there is a chance that the CRO token might rally in the current market cycle. However, in general, the older altcoins like Aave (AAVE) and CRO have underperformed this cycle.
Setting Up Passkeys in Crypto.com
As per the announcement from Crypto.com, the passkeys and hardware tokens are “secure, fast, powerful, and privacy-friendly security protection, enabling a one-tap authentication experience.” Their quickness and convenience make them stand out among other methods of securing accounts and wallets.
As stated by Crypto.com, passkeys can be used across all the devices owned by a user and are capable of protecting them against hacks, phishing, and remote attacks with cryptographic keys for authentication. Further, the users will not have to change applications for verification, and they can use their face, fingerprint, passcode, or security key.
To activate the new feature, a user needs to go through the following steps:
- Go to Settings > Security > Passkeys
- Select “Add Passkeys”
- Enter your passcode
- Enter your 2FA code (if required)
- Set up a passkey with biometric authentication, PIN, or password
- Save your passkey on a hardware token/security key, like Yubikeys (if available)
It is also important to note that support for hardware tokens is currently unavailable for Android devices but will be rolled out soon. iOS users can use the features seamlessly.