The UAE will be the test ground for what is billed as a global-first initiative to take on the multi-billion-dollar menace of cryptocurrency hacking and theft with a fool-proof biometric-based access for digital currency storage and transactions, eliminating the current password-based process.
The initiative launched by Serenity, a decentralised blockchain application that champions privacy and security, which has major operations in the UAE, through a novel physical card for fingerprint recognition – sAxess – targets the estimated $40bn biometric identification market, projected to catapult to a massive $147bn market by 2034.
Key features of the sAxcess app, being made available on App Store, will include biometric-only access through the card’s fingerprint verification and cryptocurrency management for secure storage, sending and receiving within the app.
UAE cryptocurrency security
“We’re initially focused on the UAE and surrounding countries, given their strong momentum in crypto, digital storage and identity innovation,” Venket Naga, CEO of Serenity, told Arabian Business in an exclusive interview.
“Making a strong presence in the UAE first makes strategic sense as it’s our home base and an ideal launchpad for sAxess, given the high concentration of tech-forward crypto-savvy users in the region,” he said.
Naga said the UAE launch pad will allow the company to fine-tune the product with initial user feedback, and “scale our operations effectively as we grow globally”.
The UAE – and the wider MENA region – will be closely followed by Europe – a market where Serenity anticipates significant demand for secure self-custodial solutions like sAxess, he said.
The Serenity chief executive said the market opportunity the company is eyeing is massive.
“Specifically, we’re eyeing the global biometric identification and authentication market, which is currently valued at around $40bn and projected to reach roughly $147bn by 2034.”
Naga said he firmly believed that sAxess will bring a shift in security that focuses on prevention rather than recovery in the cybercrime arena.
He also revealed the company’s multi-prong, multichannel strategy to drive awareness and adoption for its new app.
“This will include influencer marketing campaigns with respected opinion leaders in the blockchain space, targeted paid media placements and securing coverage in leading crypto, Web3 and Web2 publications to build credibility and buzz.
“We will also forge new strategic partnerships to roll out massive cross-marketing initiatives ranging from co-hosted AMAs (Ask Me Anything) and joint promotional campaigns to product integration programmes that showcase sAxess working in tandem with other solutions,” Naga said.
He said Serenity will aim to accelerate user adoption and broaden awareness of the sAxcess app by tapping into its partners’ user bases and combining strengths.
“On the global stage, we will ensure a strong presence by participating in key Web3 and blockchain events from major events in the MENA region to international blockchain summits in Europe to connect with the key players in the space,” Naga said.
The Serenity chief executive said “sAxess” will not be just another crypto hardware storage wallet, as it’s the first platform to eliminate passwords entirely with biometric-only access.
“By positioning ourselves at this intersection of biometric security and digital asset management, we’re tapping into two high-growth areas, directly addressing the rising demand for convenient and future-proof security technology,” he said.
Naga said besides the biometric-only access feature, the new app will be integrated with Serenity’s decentralised, ultra-secure storage solution (sBox) for safeguarding seed phrases, passwords, and critical documents, providing an extra layer of security.
“It will be an all-in-one wallet, supporting over 10,000 cryptocurrencies across multiple blockchains, allowing users to manage all their coins and tokens in one place,” he said, adding that the app’s integrated identity verification and protection ensures that only authorised individuals can use it and perform transactions.
Besides, every crypto transaction or payment will require biometric confirmation, adding an extra layer of verification before any funds move, he pointed out.
Naga said the new app will also allow users in the UAE to always maintain complete control of their assets and private keys, thus preventing chances of hacking or theft.
“By addressing multiple pain points at once, we are providing true ownership with complete security of assets and identity through sAxess – protecting users from vulnerabilities, breaches and hacks across the board.
“We believe that bringing all these capabilities together in one platform will drive strong adoption among users seeking a safer and more convenient way to manage their digital identities and assets in the biometric era,” the Serenity chief executive said.
