On August 11th, Roman DBDR Tech Acquisition Corp. (NASDAQ:DBDR) SPAC merger partner CompoSecure Holdings announced a strategic partnership with NokNok Labs to build a FIDO®-extended solution to expand consumer protections of CompoSecure’s Arculus cryptocurrency hardware cold-storage wallet through NokNok’s passwordless authentication services. CompoSecure Holdings, LLC is a leading premium financial payment cards provider and an emerging provider of cryptocurrency storage and security, while NokNok Labs is an architect of passwordless authentication services. Together, CompoSecure and NokNok seek to equip banks, financial services, and fintech companies alike with a financial security service that will provide consumers with unique digital identities. The collaboration seeks to increase the security, privacy and cardholder experience associated with both companies’ current financial market and cryptocurrency customers.
Suited for the expressed interests of industry leaders like Amazon, Apple, American Express, BBVA, Facebook, Google, Intel, Intuit, MasterCard, PayPal, Verizon, T-Mobile, and Visa, CompoSecure and NokNok’s solution will provide financial services customers and cryptocurrency holders with easy-to-use authentication services for their digital wallets. With these additional capabilities, CompoSecure plans to also release an internet ID and payment card that will serve as a universal authentication key for users engaging with any digital service on any device.
“More and more people are transacting online because they are convenience-focused and their adoption of digital banking highlights their comfort with digital tools,” said Adam Lowe, Chief Innovation Officer at CompoSecure. Lowe continued, “This new technology platform will ensure that you, and only you, are authorized to make a transaction with CompoSecure’s metal cards, with a simple and secure action, such as swiping a finger, entering a PIN and tapping your card to your phone for an NFC-encrypted transaction.”
Use cases for CompoSecure and NokNok’s solution include payments, online banking, cryptocurrency transactions and hodling, eGaming, online gambling, and personal identification. Quoted by CompoSecure, former Global CTO at BBVA Ignacio Bernal remarked on universal ID, “The ability to have a single card to transact as a credit card and a universal authenticator, all contained in a well-designed secure metal container, takes universal ID to the next level.”
As providers of digital asset education services, Sarson Funds seeks to highlight innovation information that will best serve the cryptocurrency market and digital asset investors. Emergent advancements in cryptocurrency cold storage solutions are seen as an important milestone in broader market adoption. Secure cryptocurrency cold-storage hardware wallet solutions empower digital asset investors with full ownership of their digital assets and is a highly regarded solution for digital asset security. For more information on CompoSecure and NokNok Labs’ collaboration, please visit www.composecure.com.
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