The Consensys, the Ethereum infrastructure company behind the popular metamask wallet, said it got Web3Auth, a purse infrastructure provider, in a step aimed at improving the developer’s ability and accession throughout its platforms.
The financial terms of the deal are not disclosed.
The acquisition is designed to modernize metamask onboarding experience and deal with one of the most continuous challenges facing crypto wallets of self-customial: seed management. According to the Consensys, internal data indicates that 35% of metamask users failed to back up their seed phrases – a major weakness that could result in permanent loss of funds.
Web3Auth technology, combined with about 8,200 decentralized applications, offers login and recovery tools that reflect web2 style flows. With this integration, Metamask users will have the option to access wallets without relying solely on seed phrases, which aligns with a broader industry pushing toward “Account abstraction” – The idea that crypto wallets should offer both ease of use and safety nets found in traditional apps.
“This integration improves metamask’s capabilities, which incorporates our belief that the best web3 wallets will seamlessly include infrastructure that supports a wide range of power providers,” said Joseph Lubin, chief executive of Consensys and a co-founder of Ethereum. “This includes frictionless onboarding, customizable interfaces, extensive ecosystem connection reminiscent of a mycelium network, configurable security for a variety of needs, and maximum protection in high-security contexts.”
The acquisition also aims to develop developers within the metamask ecosystem. By incorporating web3auth embedded software software (SDK), the Consensys said it aims to simplify the developer experience and offer more flexible tools for integrating blockchain in consumer-facing applications.
“The future of web3 use will be full of embedded purses that allow blockchain integrations that are almost invisible, and reduce user interactions with significant ones,” said Dan Finlay, the co-founder of the metamask, in the press release. “Also, we think we can help develop the best in both worlds: a decentralized web that is invisible as possible, but may appear when a user is ready to tap into its power.”
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