IDEX Biometrics ASA and Reltime AS will jointly develop and market a web3 biometric payment card that includes cold storage and digital asset wallets, combined with digital identification, following a strategic partnership.
Following the Solana hack that took place last week, the call for cold wallets has never been greater. With experts in the industry advising users to transfer assets off the internet and onto a separate device, the announcement from IDEX Biometrics and Reltime gives users something to look forward to in the near future.
The all-in-one, EMV1 compliant biometric payment card is anticipated to reach the market in the first half of 2023. The biometric solution based on IDEX Biometrics sensor technology will enable EMV compliant payments alongside Reltime’s global web3 financial ecosystem’s unique “check-out” feature. Securing fiat and digital asset transactions with an extra, secure layer of authentication, the smart card will also include other unique features.
Moreover, this secure web3 cold storage payment and ID card will support other web3, NFT and digital asset formats, meeting the needs of people around the world to safeguard their valuable digital assets from being stolen or lost, while securely storing them offline, without the interference of any intermediaries.
The web3 market is estimated to reach $81.5billion in 2030, with rapid advancements in blockchain technologies as well as a shift in data ownership towards users as key drivers.
Furthermore, working in tandem the companies plan to offer several white-labelled B2B2C solutions, including Reltime’s FastTrack to Web3, which can be offered to financial institutions, telecommunications companies, fintech firms, and other parties that wish to enter the web3 space, see:
“Reltime is delighted with this new strategic collaboration with IDEX Biometrics,” says Peter Michel Heilmann, CEO of Reltime. “We see unlimited potential and opportunities by bringing this important, biometric, web3 feature to Reltime’s Layer 1, proof of authority ecosystem in 150 countries. With this truly unique card, we are, in fact, solving three of today’s challenges facing our global financial tribe of people and businesses—cold storage, payments and identity—giving them peace of mind from being hacked, scammed, or ripped off. The card also fits perfectly in our FastTrack to Web3 offering, providing companies with thousands of clients and large organisations with millions of customers the opportunity to enjoy the same benefits that Reltime’s current global, trusted, high-performance, Web3 platform is bringing to market.”
“The IDEX Biometrics collaboration with Reltime creates new opportunities for payment cards and digital authentication, bringing additional markets and new revenue streams,” says Vince Graziani, CEO of IDEX Biometrics. ”We are looking forward to working with Reltime to jointly develop and bring to market more innovative biometric technology solutions in response to evolving consumer demand for all-in-one smart cards and solutions safeguarding digital assets, and securely storing them offline.”