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Passkey Meaning

A Passkey is a modern, password-less authentication standard based on the FIDO2 and WebAuthn protocols. It allows users to sign in to apps and websites using the same biometrics or PIN they use to unlock their devices (e.g., FaceID, TouchID, or a Windows Hello PIN). Passkeys are designed to replace traditional passwords, which are the primary vector for phishing attacks, credential stuffing, and database leaks.From a cryptographic perspective, a passkey consists of a Public-Private Key Pair.

The public key is stored on the service's server (e.g., a crypto exchange), while the private key remains securely locked in the user's device Secure Enclave. When a user attempts to log in, the server sends a "Challenge" that only the device's private key can sign.

Because the private key never leaves the device and is never shared with the website, it is virtually impossible for an attacker to "steal" a passkey via a fake login page.In the fintech and crypto space, passkeys are a game-changer for Account Abstraction. They allow users to create and manage blockchain wallets using their smartphone's native security features.

This removes the friction of managing a 12-word Seed Phrase, which has historically been the biggest barrier to mainstream crypto adoption. With passkeys, "Self-Custody" becomes as easy as using a standard banking app, while maintaining a level of security that exceeds traditional multi-factor authentication (MFA).Major platforms like Google, Apple, and Microsoft have integrated passkey support, allowing keys to be synchronized across a user's devices via encrypted cloud backups.

While some "Hardcore" crypto enthusiasts worry about the reliance on big-tech "enclaves," the consensus is that passkeys represent a massive net positive for security. They effectively end the era of "Password123" and ensure that even if a service's database is breached, the hackers cannot use the leaked data to access user accounts.

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Important Disclaimer:

Finery Markets BVI Limited (“Finery Markets”) provides software, technology infrastructure, and related Information and Communication Technology (ICT) services on a Software-as-a-Service (“SaaS”) basis. Finery Markets acts solely as a software vendor and does not operate a trading platform, does not intermediate, match, execute, clear, or settle transactions, and does not engage in any activities that would require regulatory authorisation under applicable laws.

Finery Markets’ software is non-custodial and is provided exclusively to licensed institutional entities that act as independent operators of their own environments. All counterparties are solely responsible for establishing and maintaining their own bilateral trading and settlement relationships. Finery Markets is not a party to any such arrangements and assumes no responsibility for the conduct, verification, or compliance obligations of any users of the software.

Nothing on this website shall be construed as a financial promotion, investment advice, or an offer to engage in regulated activities. Access to and use of the software is strictly limited to clients who have entered into a software licensing agreement with Finery Markets. Persons located in jurisdictions where such access is restricted should not rely on this website or any of its contents.

Additional notice to UK visitors: This website and associated communications are not intended to constitute a financial promotion under The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) and related guidance. Access to services provided by Finery Markets is limited to regulated entities, professional clients and eligible counterparties as set out by the Financial Conduct Authority. UK users are not permitted to use this website for the services of Finery Markets if they don't fall within these categories.