Bitfinex is integrating Clef, a login built on RSA cryptography that eliminates the need for usernames and passwords while enhancing user security.
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Considered by many to be the leading global exchange, Bitfinex has integrated the innovative 2FA security application Clef. With this move, Bitfinex hopes to make its customers’ account management easier and more secure.
Clef wraps the security of public key cryptography in a mobile app that makes logging in fast and simple. Clef is a mobile app that replaces usernames and passwords by an app that can be used on a mobile device. The app was designed to use a strong encryption technology that generates hard to crack encryption keys when verifying the user digital signature.
To use Clef, Bitfinex users will need to download the app into their mobile devices. Users will then be able to access their accounts with a PIN or fingerprint (with Apple’s Touch ID fingerprint reader).
Bitfinex finds additional security slowed down the process of user logins and signups, which made users quite uncomfortable. Bitfinex decided to change all of that by introducing Clef.
The Hong Kong-based Bitcoin exchange is owned and operated by iFinex Inc. The exchange gathered a team of experts from financial markets, programming, and system administration to develop a versatile, one-stop platform for Bitcoin trading.
Currently, Bitfinex offers a wide range of trading features that allow users to leverage their bitcoin investments. Now, Bitfinex introduces its users to completely new 2FA security option with Clef. Public key cryptography is used by engineers and security experts every day because it’s the strongest way to identify yourself. Clef uses that same standard process but makes it approachable and simple enough for anyone.
Jessica Riley from Clef says:
“We feel that this is a positive step forward in providing heightened customer account security. We are really excited to give everyone access as soon as it’s ready.”
Since the Internet’s first appearance, there was a sense of almost unlimited freedom. People became free to express themselves in a completely new way. But with this liberty came risks. Because the Internet is so easily accessible to anyone, it can be a dangerous place. Today, a user needs to know who he is dealing with or what is he getting into. Hackers, scammers, and corrupt businesses will try to take advantage of the unwary visitor. Therefore, user account protection has become a priority for online companies.
Clef introduces a new level of security by letting a mobile device do all of the work protecting sites from security breaches while increasing sign ups and retention. Clef recognizes users by their smartphones instead of other personal information.
What do you think about Bitfinex enhancing the 2FA security with Clef? Let us know in the comments below!
UPDATE: The launch has been delayed a few days. The team added in some new design and cosmetic upgrades that still needs further testing.
Source: Press release provided by Clef