Hill Top Security Inc. and Big Wind Capital Inc. (OTC: BGGWF) (CSE: BWC) (CNSX: BWC) announce that Hill Top has filed a patent for a biometric security application designed to protect bitcoin and other crypto-currencies from theft and loss. Missing passwords and theft have become the biggest issues plaguing the crypto-currency industry, with more than 35 major reported hacks of bitcoin exchanges alone since 2011, leading to the theft of over 980,000 bitcoins. In total, as much as 23% of Bitcoins mined to date are estimated lost forever1 (approx. $US30 billion at current market value). Hill Top's biometric crypto-currency application helps solve this issue by adding a new, high-level of personalized security for crypto-currency users worldwide. Hill Top recently signed a letter of intent with Big Wind, pursuant to which Big Wind intends to acquire various interests in HTSI and its assets (the "Transaction").
The patent filing covers UxToken: Biometric-enabled, GPS trackable crypto-currency private key safe storage. The new application was developed by Hill Top's in-house team, which is comprised of former US military officers and personnel. Importantly, this new crypto-currency security helps bridge the divide between completely anonymous transactional parties and a reasonable assurance of participant identity, that is aligned with compliance requirements in standard, market-based asset transactions.
Corby Marshall, CEO of Hill Top Security, said, "The potential of Bitcoin and other cryptocurrencies is vast, however, it is becoming constrained by cyber crime, as well as missing passwords, which can render coins irretrievable. In fact, as many as 3.79 million Bitcoins are estimated as lost forever – that's nearly 23% of all Bitcoins in circulation, which is close to $30 Billion at current market value. This patent application covers our new biometric crypto-currency security app, which will provide biometric protection of these currencies, in particular, with offline (cold) storage and the recovery of lost passwords."
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