Consensys, a leading Ethereum and Web3 technology company from the US, announced its acquisition of Singapore-based Web3Auth, a firm known for key management and wallet infrastructure, to improve MetaMask wallet functionalities.
The acquisition aims to reduce wallet management complexities, increasing MetaMask’s accessibility and potentially broader Ethereum adoption. Financial terms remain undisclosed, with no immediate market reactions reported.
Consensys Targets Wallet Innovation with Web3Auth Acquisition
Consensys has acquired Web3Auth, signaling a focus on improving MetaMask wallet management. Established in 2019, Web3Auth excels in key management solutions.
Joseph Lubin, a co-founder of Ethereum, leads Consensys, while Web3Auth specializes in embedded wallet infrastructure. The acquisition will simplify wallet onboarding.
MetaMask Access Expected to Reach 250 Million Users
The acquisition is expected to facilitate easier wallet access for users, potentially expanding MetaMask’s user base, which is currently at 250 million. Financial specifics were not disclosed.
Experts predict the acquisition could boost Ethereum adoption by alleviating common user friction points. MetaMask’s enhanced capabilities could lead to more transactions involving Ethereum and ERC-20 tokens.
Trend of Simplified Crypto Onboarding Gains Traction
The move follows trends of crypto wallets adopting social authentication for easier onboarding. Similar strategies have historically increased user bases, as seen with Coinbase Wallet.
Kanalcoin experts suggest this acquisition could significantly impact user engagement with Ethereum’s ecosystem. Past comparisons underscore the trend of simplifying user experience to promote crypto adoption.
Joseph Lubin, Founder and CEO, Consensys, “Our mission is to simplify wallet management and onboard the next billion users to Web3.” – Consensys Blog
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