Crypto.com Debuts New Security Features: All You Need to Know

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As a seasoned crypto investor, I’ve seen my fair share of market volatility and security concerns in the digital asset space. The recent introduction of passkeys and hardware tokens by Crypto.com is a welcome development that speaks volumes about the exchange’s commitment to user security and protection.

In line with Crypto.com’s recent announcement, the implementation of passkeys and hardware tokens, such as Yubikeys, is touted as the most robust security measures for multi-factor authentication. These tools provide effective security while maintaining a user-friendly experience.

“Jason Lau, the Chief Information Security Officer at the exchange, stated that these security measures ensure a smooth and extremely safe experience for users, minimizing the chance of account breaches. Hardware tokens represent an indispensable part of our multi-layered approach to shielding consumers, as they provide a distinct, tangible barrier.”

The introduction of new security elements led to a drop in the value of Cronos (CRO) token on the crypto exchange, according to CoinMarketCap’s data. In the previous day, its price dipped by nearly 5%, while it saw a 7% decrease over the last week. Over the past month, the digital asset has experienced a 25% loss, but it has demonstrated strong growth since June 2023, recording a 52.94% increase in value.

As a crypto investor, I’ve noticed an impressive 114.98% surge in trading volume for the CRO token, reaching a significant $7.8 million mark. With a market capitalization of $2.36 billion, this altcoin now ranks as the 37th largest digital asset in the crypto sphere by valuation. However, I can’t help but feel a pang of disappointment as I recall that CRO has plummeted 90.77% since its all-time high in 2021, when it reached an impressive $0.9698 price tag.

In simpler terms, if the crypto exchange persists in introducing fresh features and enhancing its platform, there’s a possibility that the CRO token could experience growth during this market phase. Nevertheless, historically, older altcoins such as Aave (AAVE) and CRO have lagged behind in this specific market cycle.

Setting Up Passkeys in Crypto.com

According to Crypto.com’s announcement, the passkeys and hardware tokens offer “seamless, swift, robust, and private security safeguards,” granting users a single-tap authentication process. The ease and speed set them apart from other account and wallet securing methods.

As a crypto investor, I’m always on the lookout for secure ways to manage my digital assets. According to Crypto.com, one solution they offer is called passkeys. With these passkeys, I can protect my accounts against hacks, phishing attempts, and remote attacks using cryptographic keys for authentication. This means I don’t have to switch between apps for verification, and I have the flexibility to use my face, fingerprint, passcode, or security key for access. It’s a convenient and secure way to safeguard my investments in the crypto market.

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)

Hardware token support isn’t yet an option for Android users, but it’s coming soon. In the meantime, iOS users can enjoy these features without any issues.

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2024-06-24 15:12