Blockchain and biometric technology combine to help HYPR raise $3 million

HYPR, a startup that aims to bridge blockchain technology with biometric security, has raised $3 million in funding from RTP Ventures, Boldstart Ventures, and Mesh Ventures.

It is reported that two years ago, HYPR just received a private investment of US$350,000. At that time, the company's positioning was to protect Bitcoin transactions through fingerprint technology.

According to HYPR CEO George Avetisov, the majority of the funding from this round will be used to build out the company’s development team in New York.

Avetisov said:

“As traditional identity verification solutions continue to falter, we are witnessing the rise of the biometric security space, which marks a tipping point for mass adoption of secure passwordless authentication.”

Using biometric signatures to add an extra layer of security to transactions involving bitcoin or other blockchain-based digital currencies has raised concerns in the past.

Of course, this isn’t HYPR’s only area of ​​focus; the startup also intends to expand its technology into the broader Internet of Things and cloud computing sectors, where some advocates say labeling identities on a blockchain could play a role.