TechFlow, June 3 — According to The Block, ConsenSys, the developer of MetaMask, has announced the acquisition of wallet infrastructure provider Web3Auth. This acquisition aims to enhance the MetaMask user experience, particularly addressing seed phrase management in self-custody. Data from ConsenSys indicates that 35% of users do not back up their seed phrases, which could lead to fund loss.
By integrating Web3Auth's social and device-based authentication technologies, MetaMask users will no longer need to manually back up seed phrases and will be able to create and recover wallets using Web2 login methods. Additionally, this acquisition will accelerate MetaMask’s support for non-EVM chains such as Solana and Bitcoin, enabling gasless cross-chain transactions. ConsenSys stated that full Bitcoin support is expected to roll out completely in the third quarter.
