ConSensys has acquired the crypto pockets infrastructure supplier Web3Auth, which it says will bolster the person expertise for its common crypto pockets providing MetaMask.
ConSensys mentioned in a June 2 weblog publish that the acquisition, which it didn’t share additional particulars on, “will vastly enhance MetaMask person expertise by addressing one of many greatest dangers in self-custody at this time: seed phrase administration.”
It claimed that 35% of crypto pockets customers are susceptible to dropping their funds as they don’t preserve a backup of their seed phrase — a string of as much as 24 phrases that enables full entry and management of a pockets.
By integrating Web3Auth, ConSensys mentioned MetaMask customers can get well their wallets utilizing conventional authentication strategies like device-based authentication and social logins, which it hopes will take away a barrier to entry.
The combination can be step by step rolled out in phases to MetaMask, and the agency plans to implement multifactor person onboarding to reinforce security.
Earlier this 12 months, MetaMask introduced that it could roll out help for each the Bitcoin and Solana networks.
Web3Auth marks ConSensys’ newest acquisition
ConSensys’ newest acquisition is the most recent in a protracted string of crypto companies it is purchased as much as increase its choices.
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In July 2024, the agency acquired safety instrument Pockets Guard to bolster MetaMask’s safety by integrating Pockets Guard’s superior security measures into MetaMask
On Feb 21, 2023, the agency acquired blockchain improvement tooling platform Hal to combine the service with its Web3 API resolution Infura, which helps builders get alerts and notifications at a protocol stage.
In 2022, ConSensys purchased Ethereum pockets supplier MyCrypto with plans to merge it with MetaMask.
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