ConSensys has acquired the crypto pockets infrastructure supplier Web3Auth, which it says will bolster the person expertise for its standard crypto pockets providing MetaMask.
ConSensys stated in a June 2 weblog submit that the acquisition, which it didn’t share additional particulars on, “will drastically enhance MetaMask person expertise by addressing one of many greatest dangers in self-custody immediately: seed phrase administration.”
It claimed that 35% of crypto pockets customers are prone to dropping their funds as they don’t maintain a backup of their seed phrase — a string of as much as 24 phrases that permits full entry and management of a pockets.
By integrating Web3Auth, ConSensys stated 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 mixing will likely be regularly rolled out in phases to MetaMask, and the agency plans to implement multifactor person onboarding to reinforce security.
Earlier this yr, MetaMask introduced that it will roll out help for each the Bitcoin and Solana networks.
Web3Auth marks ConSensys’ newest acquisition
ConSensys’ newest acquisition is the most recent in an extended string of crypto corporations it’s purchased as much as broaden its choices.
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In July 2024, the agency acquired safety software Pockets Guard to bolster MetaMask’s safety by integrating Pockets Guard’s superior safety features into MetaMask
On Feb. 21, 2023, the agency acquired blockchain growth tooling platform Hal to combine the service with its Web3 API answer 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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