Exodus Solves Web3 Usability With ‘Passkeys Wallet’

Exodus, a cryptocurrency wallet provider, is introducing a new product that aims to simplify the user experience (UX) of Web3 for individuals new to the industry

The new wallet can eliminate the need for seed phrases, browser extensions, or email verifications to utilize decentralized applications.

The “Passkeys Wallet” will allow new users to establish a wallet that can be used to investigate various decentralized applications (dapps) without creating a new wallet or exiting the application. In an interview with CoinDesk, David Reising, head of product for Exodus, stated, “With this Passkeys Wallet, you can create a self-custodial, encrypted wallet with just one click of your finger.”

The intricate user experience has been one of the primary obstacles to the widespread adoption of cryptocurrency. Many Web2 users interested in transitioning to crypto have been discouraged by the steep learning curve of Web3, the necessity of maintaining separate wallets to interact with various apps, and memorizing 12-word seed phrases.

To facilitate the banking of the unbanked, crypto must optimize its user experience, as seen in Web2 applications like Facebook and Instagram. Exodus intends to accomplish that for individuals new to the industry precisely.

“As a user, I am not required to register, complete any email verification, or manage a 12-word mnemonic phrase [seed phrase].” Reising stated, “It eliminates a significant amount of that complexity.” Furthermore, he stated that Exodus has collaborated with certain payment processing partners to facilitate the funding of Passkeys Wallets for new users.

The new product will also support Ethereum Virtual Machine (EVM), Bitcoin (BTC), and Solana (SOL), among others. This will enable users to access multiple blockchain ecosystems without leaving the dapps they wish to interact with, according to an email statement from the company. The company also noted that this feature will be a “distinguishing feature amongst competitors.”

Nevertheless, Passkeys Wallet is not a supernatural solution that will solve all of the user’s problems; developers will still need to integrate it into their applications. Exodus asserts that it is simplifying the process of integrating the wallet with “only a few lines of code” for developers, and it is equipped with Multi-Party Computation (MPC) technology for security.

Reising also stated that Exodus would collaborate with the developers and distribute revenue from any on-chain transactions.

Under the ticker EXOD, the Class A shares of Exodus Wallet are traded on an OTC exchange. The company’s efforts to uplift onto NYSE American, the New York Stock Exchange’s sibling market, were postponed in the eleventh hour after the U.S. Securities and Exchange Commission (SEC) stated that the agency’s staff was still evaluating Exodus’ registration statement.