Consensys Acquires Web3Auth to Enhance MetaMask Security and User Experience
Consensys, the company behind the popular cryptocurrency wallet MetaMask, has announced the acquisition of Web3Auth. This strategic move aims to bolster the security of the MetaMask wallet and improve the user experience for its global user base.
The acquisition comes in response to data revealing that a significant portion of MetaMask users, approximately 35%, fail to back up their seed phrases. This critical oversight puts their funds at risk of permanent loss. By integrating Web3Auth’s technology, Consensys intends to address this vulnerability by enabling wallet recovery even without the traditional private key.
Simplified Wallet Recovery with Familiar Web2 Methods
One of the key features to be integrated is social login, a method widely used in Web2 applications. This will allow users to recover their wallets using familiar authentication methods, streamlining the process and reducing the risk of losing access to their digital assets.
“Recent data shows that 35% of users do not back up their seed phrases, which puts them at risk of losing funds. By integrating Web3Auth’s capabilities, MetaMask users will be able to create and recover wallets using familiar web2 authentication methods, such as social logins and device-based authentication, eliminating the need for manual seed phrase backup, reducing the likelihood of loss of funds,” the company stated.
The acquisition also unlocks new functionalities for developers in the crypto space, including embedded wallet SDKs and key management infrastructure that simplify wallet management.
“We are very excited to announce that we have been working with Web3Auth for some time to pioneer a next-generation approach to web3 wallet infrastructure. The integration of Web3Auth’s cutting-edge authentication technology is aligned with our mission to make web3 universally accessible. This integration significantly enhances MetaMask’s capabilities, realizing our belief that the best web3 wallets will seamlessly integrate infrastructure that supports a wide range of powerful features. This includes frictionless integration, customizable interfaces, broad ecosystem connectivity similar to a mycelial network, configurable security for different needs, and maximum protections in high-security contexts. This acquisition reinforces our commitment to enhancing user experience and security, paving the way for widespread adoption,” said Joseph Lubin, founder and CEO of Consensys.
Phased Integration Approach
Consensys plans to integrate Web3Auth in phases, with the initial focus on providing new functionalities to developers within the Ethereum ecosystem. This approach ensures a smooth transition and allows developers to leverage the new capabilities to build more secure and user-friendly applications.
Consensys also believes that the acquisition strengthens its position in the Asian market, where Web3Auth has a strong presence.
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