Consensys Acquires Web3Auth to Enhance MetaMask User Experience
Consensys has acquired Web3Auth to enhance the usability and developer accessibility of its MetaMask wallet. Financial details of the acquisition are undisclosed.
The key objectives of the acquisition include:
- Modernizing MetaMask’s onboarding experience
- Addressing seed phrase management challenges; 35% of users do not back up their seed phrases, risking fund loss
- Integrating Web3Auth’s technology, currently used in about 8,200 decentralized applications, for improved login and recovery options
- Promoting account abstraction to simplify user experiences similar to traditional apps
Joseph Lubin, CEO of Consensys, emphasized enhanced capabilities through this integration, aiming for seamless onboarding, customizable interfaces, and robust security features.
Developers within the MetaMask ecosystem will benefit from Web3Auth’s software development kits (SDKs), simplifying blockchain integration into consumer applications.
Dan Finlay, co-founder of MetaMask, noted the vision for embedded wallets to reduce user interactions while maximizing blockchain benefits.