Consensys Acquires Web3Auth to Enhance MetaMask Wallet Experience
Consensys, the Ethereum infrastructure company behind the popular MetaMask wallet, has announced the acquisition of Web3Auth, a provider of wallet infrastructure. This strategic move is aimed at improving usability and developer accessibility across its platforms.
Financial details of the deal have not been disclosed.
Improving Seed Phrase Management
One of the key objectives of the acquisition is to modernize MetaMask’s onboarding experience and address the challenge of seed phrase management. Consensys reports that internal data shows that 35% of MetaMask users fail to back up their seed phrases, leaving them vulnerable to permanent loss of funds.
Web3Auth’s technology, already integrated into over 8,200 decentralized applications, offers login and recovery tools that streamline user flows similar to traditional Web2 applications. Through this integration, MetaMask users will have alternative methods to access their wallets, reducing reliance on seed phrases. This aligns with the industry trend towards “account abstraction,” advocating for user-friendly and secure wallet solutions.
Empowering Web3 Wallets
Joseph Lubin, CEO of Consensys and co-founder of Ethereum, emphasizes that the integration of Web3Auth enhances MetaMask’s capabilities, providing a seamless user experience with advanced security features. The goal is to offer customizable interfaces, extensive ecosystem connectivity, and robust security measures to cater to varying user needs.
Furthermore, the acquisition aims to support developers within the MetaMask ecosystem by simplifying the integration of blockchain technology into consumer-facing applications. By leveraging Web3Auth’s embedded SDKs, Consensys seeks to enhance the developer experience and offer more flexible tools for blockchain integration.
Building a Decentralized Web
Dan Finlay, co-founder of MetaMask, highlights the vision of creating a decentralized web that seamlessly integrates blockchain technology. He envisions embedded wallets that make blockchain interactions nearly invisible to users until they are ready to harness its power. The collaboration between MetaMask and Web3Auth aims to achieve this balance of invisibility and accessibility in the decentralized web.
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