Consensys, Ethereum’s infrastructure company behind the popular Metamask wallet, said we acquired web3auth, a wallet infrastructure provider, in a movement aimed at improving the usability and accessibility of the developer on its platforms.
The financial terms of the agreement were not revealed.
The acquisition is designed to modernize the experience of incorporation of MetamSk and address one of the most persistent challenges faced by autodial cryptocurrency wallets: the management of seed phrases. According to consensys, internal data indicate that 35% of Metamask users fail to make a backup copy of their seed phrases, a key vulnerability that can result in a permanent loss of funds.
Web3auth technology, already integrated into some 8,200 decentralized applications, offers login and recovery tools that reflect the Web2 style user flows. With this integration, Metamask users will have the option to access wallets without depending solely on seed phrases, aligning with an impulse from the broader industry towards the “abstraction of the account”, the idea that encryption wallets should offer the same ease of use and safety networks that are found in traditional applications.
“This integration significantly improves Metamk’s abilities, embodying our belief that the best web3 wallets will integrate the infrastructure that supports a wide range of empowerment features,” said Joseph Lubin, executive director of Consensys and co -founder of Ethereum. “These include frictionless incorporation, customizable interfaces, extensive ecosystem connectivity that reminds of a mycelium network, configurable security for variable needs and maximum protections in high security contexts.”
The acquisition also addresses developers that are built within the Metamask Ecosystem. By incorporating the integrated SDK) Software Development Kits of web3auth, Consensys said it aims to simplify the developer’s experience and offer more flexible tools to integrate blockchain into consumer -oriented applications.
“The future of web3 use will be full of integrated wallets that allow Blockchain integrations to be almost invisible and minimize user’s interactions with the significant,” said Dan Finlay, co -founder of Metamask, in the press release. “Together, we believe that we can help build the best of both worlds: a decentralized website that is invisible as much as it can be, but it can appear when a user is ready to take advantage of their power.”
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