Trust Wallet, which claims to be one of the largest self-custodial and multi-chain wallets (also reported as a wallet with critical vulnerabilities leading to considerable losses for users that now appear to have been addressed), has announced a partnership with Web3Auth to enable users to “onboard and access Web3 services using their existing social login credentials, in addition to other security factors.”
This collaboration “marks another step towards improving the user experience and accelerating the mass adoption of Web3.”
Trust Wallet’s newly “deployed MPC (Multi-Party Computation) 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 and thus strengthening account safety and security.”
Users will be able “to access Trust Wallet services directly and quickly 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.”
Currently, the MPC feature “is in its beta version and will be expanded to all users in the near future.”
Previously, users “had only two types of choices when it came to major wallets: a custodial solution with easier access but lower transparency, or a fully custodial solution with more risk and complexity.”
This integration “offers users additional options with the new MPC two-factor solution, enabling Trust Wallet users to simply explore the Web3 world across 70+ main blockchains in a seamless and secure way, while maintaining full ownership of their assets.”
Eric Chang, Head of Product at Trust Wallet said:
“This is a significant step for us because it benefits everyone involved. Users can now enjoy an easy-to-use experience while still choosing a self-custodial wallet to manage their cryptocurrencies. By integrating with Web3Auth, we keep providing greater user experience and long-term value to boost broader Web3 adoption.”
Zhen Yu Yong, Cofounder and CEO of Web3Auth said:
“Lost seed phrases are just very messy business, and pose to be one of the major risks for billions of dollars in crypto losses. I believe it’s only the beginning of the long-term adoption of Two-Factor Wallets for more security in the industry, and this partnership with Trust Wallet is a massive step forward for us, in our attempts to democratize enterprise-grade MPC for everyone.”
As noted in the update, Trust Wallet claims it is “a leading simple-to-use, self-custody crypto wallet and Web3 hub for people who want to fully own, control, and leverage the power of their digital assets.”
From beginners to experienced users, Trust Wallet reportedly “makes it simpler, safer, and convenient for millions of people around the world to send, receive, stake, and store more than 10 million digital assets and 1 million NFTs on 70+ blockchains, including Ethereum and other EVM chains, Solana, Polkadot, etc.”
As mentioned in the announcement, Web3Auth says it is “the leading Wallet-as-a-service (WaaS) infrastructure provider that bridges web2 and web3, with over 12 million monthly users.”
It leverages “upon a simple, self-custodial two-factor wallet setup for both Web2 and Web3 applications alike, offering a seamless authentication experience for everyone.”
The company “enables web3 use cases for the masses by providing simple, self-custodial Wallet-as-a-Service (WaaS) infrastructure for apps and wallets.”
Web3Auth has “worked with Web2 brands like Universal Studio, Fox.com, SK Telecom, and Web3 projects like Binance Extension, Metamask, Kepler, Kukai, Skyweaver, Kash, Coub, among others.”
The organization “closed a $13 million Series A in January 2022 led by Sequoia Capital India. Today, it is proud to support more than 500 web3 projects.”
