MetaMask Improves Security with Web3Auth Acquisition
MetaMask Bolsters Security with Web3Auth Acquisition
Consensys, the leading Ethereum software company, has acquired Web3Auth, a prominent crypto wallet infrastructure provider. This acquisition aims to significantly improve the user experience and security of MetaMask, Consensys' popular crypto wallet.
According to a June 2 blog post by Consensys, the acquisition will primarily address a critical vulnerability in self-custody wallets: seed phrase management. A staggering 35% of crypto wallet users risk losing their funds due to inadequate seed phrase backup.
By integrating Web3Auth's technology, MetaMask users will gain the ability to recover their wallets using familiar methods like device-based authentication and social logins. This simplifies the onboarding process and lowers the barrier to entry for new users.
Enhanced Security and Onboarding
The integration will be implemented in phases. Consensys plans to introduce multi-factor authentication during onboarding, further strengthening MetaMask's security posture. This follows MetaMask's earlier announcement of expanding support for Bitcoin and Solana networks.
Consensys' Acquisition Strategy
This acquisition represents the latest in a series of strategic moves by Consensys to expand its product offerings and solidify its position in the blockchain ecosystem. Previous acquisitions include Wallet Guard (enhancing MetaMask security), Hal (improving Web3 API notification services), and MyCrypto (merged with MetaMask).
- Wallet Guard Acquisition (July 2024): Integrated advanced security features into MetaMask.
- Hal Acquisition (Feb 2023): Integrated blockchain development tooling to enhance Infura's Web3 API solution.
- MyCrypto Acquisition (2022): Merged Ethereum wallet provider MyCrypto with MetaMask.
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