Algorand Foundation Announces Grant to LoginID


The Algorand Foundation announced today, support for a grant awarded to LoginID, a FIDO-certified authentication provider. The grant will allow LoginID to research building a technical path towards enabling its suite of APIs and SDKS for the Algorand ecosystem.  For Algorand developers and enterprises this means utilizing FIDO-certified authentication for a one touch execution of a smart contract, which will not require plugins or downloads to complete.  Integration of FIDO also provides the benefit of ‘Transaction Confirmation’, a digital signature and receipt binding the individual’s biometric to the transaction.

At the heart of the Algorand blockchain is a unique and powerful protocol known as Pure Proof-of-Stake, created by MIT’s Silvio Micali. Using this protocol, the Algorand blockchain is a unique combination of high performance, scale, security, guaranteed transaction finality and all built on a carbon negative, sustainable platform. The Algorand network has now grown to over 13 million accounts and is supporting over 1 million transactions a day, with zero downtime since launch. The Algorand Foundation is committed to building the most robust and innovative ecosystem around this amazing, public blockchain and bringing one-touch smart contract execution will be a powerful addition to the toolkit of Algorand developers.

The Algorand Foundation is delighted to welcome LoginID to the ecosystem of the Algorand network. Providing FIDO certified, one touch smart contract execution to Algorand developers and enterprises will enable  any customer to execute a smart contract by using the biometrics on their device, without any downloads or plugins needed.  Given there are over 4B devices globally that support FIDO today, this is a significant step in making Algorand available to all.”  said Sean Lee, CEO Algorand Foundation.

“Algorand has really started to accelerate, helping businesses in the DeFi and commerce space, areas where we have expertise and can add a lot of value.  LoginID will help lower friction, and make blockchain technology easier to interact when developers integrate our solution. We have recently seen attacks on standard forms of authentication such as SMS.  Our solution will help give Algorand developers the tools to create the most frictionless, secure interactions for their customers” says Jim Brown, CRO and Co-founder of LoginID.


LoginID Raises $6 Million in Seed Funding Round from Notable Fintech Investors

LoginID, a FIDO-certified authentication provider, today announced a $6M round of seed funding to accelerate the adoption of a passwordless world. Strategic investors in LoginID Include veteran payment and fintech entrepreneurs around the world. LoginID’s unique approach adds secure, FIDO-certified biometrics to any website, application or e-commerce, or banking brand.

LoginID provides a wide range of APIs and SDKs which give enterprises the ability to integrate FIDO-certified authentication in as little as 15 minutes. This level of authentication is usually complicated, time consuming to integrate and costly.  Now brands can add a whole new layer of security and reduce fraud using biometrics.

The funding comes on the heels of LoginID becoming FIDO UAF 1.1 server certified, in addition to iOS and Android certified. With LoginID, companies can integrate and scale strong authentication at low costs, while ensuring compliance with PSD2 and GDPR regulations.

“With the fastest implementation time in the market, LoginID’s commitment to accelerate adoption of passwordless authentication helps brands earn more revenue and delight customers with secure biometrics,” said Simon Law, CEO and co-founder. “With our investment partners, we share a vision for applications, websites and e-commerce to scale biometric use as effortlessly as it is also secure and compliant.”

The funding round was led by repeat fintech entrepreneurs Fabrice Grinda from FJ Labs (Zingy), Will Wang Graylin (Roam sold to Ingenico and LoopPay sold to Samsung, OVLoop, Indigo), George Wallner (founder of Hypercom and LoopPay) Damien Balsan (LoopPay and Mobeewave) and former investors in Mobeewave.  The round also included  investment from Asli RI, the largest KYC provider in Indonesia, and Leonis Investment.

Fabrice Grinda noted: “FJ Labs invests in powerful, big ideas that scale. I was struck by the simplicity of LoginIDs integration capability, for what can typically be a complex, laborious process. The market potential for deploying a fully certified FIDO API in the financial industry and its potential to disrupt current non-compliant authentication is significant.”

In addition to the investment round, LoginID will add Damien Balsan to its Advisory Board, in addition to Phil Kumnick, CEO of Ipsidy, Hitesh Anand ex Verifone, Citi, and former Chief Product Officer at Verifi a Visa company, and noted cryptographer Professor Alfred Menezes from the University of Waterloo.