Today brings the start of the World Cup — and an interesting announcement from New York City-based Coinsetter, a new bitcoin exchange aiming to make a splash in individual and institutional digital currency trading.
The company has announced a partnership with LaunchKey — a company that specializes in accounts security and authentication — to bring something they have creatively called LaunchKey for Coinsetter:
With LaunchKey’s enterprise multifactor authentication platform, Coinsetter users now have a comprehensive solution that improves privacy and security through decentralization of credentials from personal identification information.
LaunchKey is the product of the desire to address issues caused by weaknesses in passwords, which benefits Coinsetter traders by giving them some additional ways to protect their bitcoin holdings.
From the Coinsetter blog post:
When you pair LaunchKey with your Coinsetter account, you instantly have a minimum of seven authentication factors that you can use to confirm your identity before any user can log into your account. These identity factors include username, password, mobile device, geofencing, device-to-device pairing, combo lock and PIN lock. You can pair an unlimited number of devices to your account, and you can tie those devices to other devices or geographic locations to add additional layers of security.
Using the integration, users receive a push notification on their mobile devices that allow them to swipe up to authorize the app, as demonstrated in the image below:
Today, many exchanges make use of two factor authentication, which requires the end user to type in a ten-digit code they receive via an SMS or a two-factor app like Google Authenticator — so you can see how this speeds things up.
Coinsetter users looking to make use of the feature can access the Two Factor Auth section in the Security section of their account settings.