YubiKey for cryptocurrency security

Crypto for your crypto

Conveniently Protecting Cryptocurrency Assets

How a progressive cryptocurrency exchange adopted and endorsed a secure authentication method that protects its customers’ in a way that is as easy to use.

The old way vs. the new way

The YubiKey makes securing cryptocurrency exchanges, accounts, and high-value transactions safe and easy. The YubiKey is the strongest way to protect logins, trades, and transfers at the exchange level, increasing user trust and accelerating cryptocurrency adoption.

The old way

There are many solutions out there, none of them ideal:

  • Hosted wallets are at risk if the exchange doesn’t support strong authentication
  • Desktop wallets are accessible online and can be phished without strong protection
  • Cold wallets are difficult to use and manage, and require keeping the cryptocurrency offline
  • Paper wallets are not safe, since can easily be destroyed or misplaced

The new way

The YubiKey is the smart way to protect cryptocurrency:

  • Secures the currency at exchange level
  • One security key can be used to protect many cryptocurrencies ー there is no limitation as long as the key is supported by the exchange
  • Inconspicuous, small form factor that doesn’t draw attention
  • Simplicity of use that advances cryptocurrency adoption
  • Coins stay protected at the exchange level, while the secrets stay in the key
  • Zero recorded account takeovers

Easier to use and more secure

How YubiKey helps exchanges and users

YubiKey for exchanges
  • The highest level of security, to help attract new customers beyond the early adopters
  • Enhances customer retention
  • Increases brand awareness and reputation
  • Secures user and company data
  • Reduces costs of fraud-related losses
  • Increases fungibility of customer assets, leading to higher volume of transactions
YubiKey for accounts
  • Simple, convenient, and secure user authentication
  • Works with more apps and services out of the box than any other security key
  • Affordable backup key
  • No extra hardware or cables required
  • Easy to use – it works with just a tap
  • Eliminates the need for sending cryptocurrency to hardware cold wallet
  • Less expensive than hardware wallets and supports more exchanges
  • Secures trading, buying, and selling with a phishing resistant, hardware-based authentication

Case in point:


Major crypto exchange chooses YubiKey

Situation

Cryptocurrency exchanges are becoming commoditized. Traditionally, securing cryptocurrency has been complicated to the average individual.

Solution

A major cryptocurrency exchange chose Yubico to help customers secure critical transactions at the exchange level. The Exchange worked with Yubico to subsidize the cost of YubiKeys for their customers, and were made available for online purchase.

Result

Customers are now able to shift cryptocurrency security from complicated cold-wallet storage at the coin level to a much simpler, and stronger method at the exchange level. Customers use YubiKeys to secure critical transactions like trades and transfers using YubiKey’s strong yet simple security. The Exchange enjoys increased trust from customers, and is attracting new customers who were waiting for cryptocurrency to become more accessible.

“SMS Based 2FA Is Not Enough: Regardless of the assets and/or identities you are trying to protect online, upgrade to hardware based security (i.e.: something physical that an attacker would have to physically obtain in order to perform an attack). While Google Authenticator and Authy can turn your mobile device into a piece of hardware based security, I would advise going a step further. Pick up a YubiKey that you physically control and cannot be spoofed.”
Sean CoonceBitGo author of The Most Expensive Lesson Of My Life: Details of SIM port hack

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Conveniently Protecting Cryptocurrency Assets

Learn how one cryptocurrency exchange adopted and endorsed a secure authentication to protect users.