Quick take:
- MetaMask users will be able to create and recover wallets using Web3Auth’s user-friendly Web2 login methods.
- This removes the need to back up seed phrases manually, thus reducing the risk of losing funds.
- Consensys also plans to leverage Web3Auth’s infrastructure to speed up MetaMask support for non-EVM chains like Solana and Bitcoin.
Consensys has announced the acquisition of wallet infrastructure provider Web3Auth in an undisclosed deal. The acquisition comes amid a period in the crypto space that is characterised by industry-wide consolidations.
Consensys, which develops blockchain software is renowned for its EVM-based self-custody wallet solution, MetaMask.
According to the announcement on Monday, the company plans to leverage Web3Auth’s wallet infrastructure technology to improve seed phrase management. Web3Auth is renowned for its wallet management solution that allows users to easily create and recover their wallets using social media platforms and device-based authentication.
By integrating Web3Auth’s wallet infrastructure into MetaMask, MetaMask users will be able to create and recover wallets using Web3Auth’s user-friendly Web2 login methods. Consensys also said the acquisition enables it to speed up MetaMask support for non-EVM chains like Solana and Bitcoin.
The announcement comes hot on the heels of MetaMask’s launch of a Web-based browser extension for Solana last week. The company also plans to roll out full Bitcoin support in Q3.
Overall, Consensys expects the integration to create a smoother onboarding process for buildings when embedding wallet SDKs, which in turn accelerates the mass adoption of users to Web3.
“Integrating Web3Auth’s cutting-edge authentication technology aligns with our mission to make web3 universally accessible,” Consensys co-founder and CEO Joseph Lubin said in the statement. “This integration enhances MetaMask’s capabilities significantly, embodying our belief that the best web3 wallets will seamlessly integrate an infrastructure that supports a wide range of empowering features. These include frictionless onboarding, customizable interfaces, extensive ecosystem connectivity reminiscent of a mycelium network, configurable security for varying needs, and maximal protections in high-security contexts.”
Consensys plans to use a phased rollout, integrating Web3Auth’s authentication technology in stages, starting with developer tools. The entire process is expected to be completed over the next few weeks.
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