Ansensys, the Ethereum infrastructure company behind the popular Metamask portfolio, said it has acquired Web3auth, a portfolio infrastructure provider, in a decision to improve the conviviality and accessibility of developers on its platforms.
The financial conditions of the agreement have not been disclosed.
The acquisition is designed to modernize Metamask’s integration experience and meet one of the most persistent challenges faced by crypto-affairs portfolios: management of seed sentences. According to Consensys, internal data indicate that 35% of Metamask users do not support their seed phrases – a key vulnerability which can cause permanent loss of funds.
Web3auth technology, already integrated into some 8,200 decentralized applications, offers connection and recovery tools that reflect web2 style user flows. With this integration, Metamask users will have the possibility of accessing portfolios without leaning only on seed sentences, lining with a wider thrust of the industry towards “the abstraction of the accounts” – the idea that cryptographic wallets should offer the same ease of use and safety nets found in traditional applications.
“This integration considerably improves Metamask’s capacities, embodying our conviction that the best web3 portfolios will transparently integrate the infrastructure that supports a wide range of stimulating features,” said Joseph Lubin, Director General of Consensys and Co-founder of Ethereum. “These include integration without friction, customizable interfaces, extended ecosystem connectivity which recalls a network of mycelium, configurable safety for different needs and maximum protections in high security contexts.”
The acquisition also targets the construction of developers in the Metamask ecosystem. By incorporating integrated web3auth (SDKS) software development kits, Acsensy said it was aimed at simplifying the developer’s experience and offering more flexible tools to integrate blockchain into consumer -oriented applications.
“The future of web3 use will be full of integrated portfolios that allow blockchain integrations to be almost invisible and minimize user interactions to the most significant,” said Dan Finlay, co-founder of Metamask, in the press release. “Together, we believe that we can help build the best of both worlds: a decentralized web that is invisible as much as possible, but may appear when a user is ready to exploit their power.”
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