ConSensys acquires Web3Auth to enhance MetaMask’s user experience and streamline crypto wallet access for mainstream adoption.
Web3Auth, a provider of crypto wallet infrastructure, has been acquired by ConSensys.
The company claims that this acquisition will enhance the user experience of its popular crypto wallet, MetaMask.
In a blog post published on June 2, ConSensys stated that the acquisition, which it did not disclose in greater detail, “will significantly enhance the MetaMask user experience by addressing one of the most significant risks in self-custody today: seed phrase management.”
It was asserted that 35% of crypto wallet users risk losing their funds due to the absence of a backup of their seed phrase, a string of up to 24 words that enables complete access and control of a wallet.
ConSensys stated that the integration of Web3Auth will enable MetaMask users to retrieve their wallets through conventional authentication methods, such as device-based authentication and social logins.
The company anticipates that this will eliminate a barrier to entry.
The firm intends to implement multifactor user onboarding to improve safety, and the integration will be progressively implemented in phases to MetaMask.
MetaMask declared its intention to implement support for the Bitcoin and Solana networks earlier this year.
ConSensys’ Most Recent Acquisition Is Web3Auth
ConSensys’ most recent acquisition is the most recent in a series of crypto firms the company has acquired to broaden its product line.
MetaMask’s security was enhanced in July 2024 when the company acquired Wallet Guard, a security tool, and integrated its sophisticated security features into MetaMask.
The company acquired Hal, a blockchain development infrastructure platform, on February 21, 2023, to integrate the service with its Web3 API solution Infura.
This solution assists developers in receiving alerts and notifications at the protocol level.
ConSensys acquired MyCrypto, an Ethereum wallet provider, in 2022 to merge it with MetaMask.
