With the growing importance of Web3, adopting Two-Factor Wallets is seen as a significant step in improving security measures in the crypto industry.
Trust Wallet, one of the largest self-custodial and multi-chain wallets, has partnered with Web3Auth to simplify Web3 onboarding using social logins. This collaboration allows users to access Web3 services using their existing social login credentials and other security factors.
Trust Wallet’s newly deployed Multi-Party Computation (MPC) solution, powered by Web3Auth, eliminates the current requirement of a written-down seed phrase, safeguarding users from human error and a single point of failure, thus strengthening account safety and security. Before their recent partnership with Web3Auth, users had limited options when accessing major wallets, choosing between a custodial solution with easier access but lower transparency or a fully custodial solution with more risk and complexity.
According to the official announcement, the partnership aims at improving the user experience and accelerating the mass adoption of Web3. Users can access Trust Wallet services using their existing Google, Apple, Telegram, and Discord accounts, significantly reducing the barrier to entry for new Web3 users. For enhanced security and ease of use, users also have the option to use SMS OTP and email recovery.
Web3Auth CEO Sees Two-Factor Wallets as Crucial to Crypto Security
In a statement, Zhen Yu Yong, the Co-founder, and CEO of Web3Auth, highlighted the significant risk of crypto loss associated with lost seed phrases. Yong emphasized the importance of the long-term adoption of Two-Factor Wallets as a crucial step towards greater security in the industry. According to Yong, the recent partnership with Trust Wallet is a significant step forward in Web3Auth’s mission to democratize enterprise-grade MPC and provide everyone with a more secure crypto experience.
With the growing importance of Web3, adopting Two-Factor Wallets is seen as a significant step in improving security measures in the crypto industry. Trust Wallet’s MPC solution and Web3Auth’s two-factor authentication provide a secure and seamless onboarding process for new Web3 users. This Integration enables users to access the Web3 world with ease while maintaining complete control and ownership of their digital assets.
Crypto Wallets Need a Makeover?
The Web3 onboarding experience should be smooth, and wallets are essential. As the first point of interaction, news users spend most of the time on web3 wallets to perform various actions, including store, transact, swap, trade, connect, stake, and others. However, it’s been a long since self-custodial wallets have taken innovation seriously.
Complex UI/UX, lack of security measures, and cranky user experience have turned crypto into an unpleasant adventure for inexperienced users. However, things are changing with the latest “Account Abstraction” upgrade providing greater user flexibility and fulfilling the long-term vision of the Ethereum community. What was proven to be difficult and intimidating for new users will now make wallets more accessible.
Please check out latest news, expert comments and industry insights from Coinspeaker’s contributors.