TLDR
Exodus is launching a new “Passkeys Wallet” to simplify the Web3 experience for new users
The wallet bypasses the need for seed phrases, browser extensions, or email verifications
It supports multiple blockchains including Ethereum, Bitcoin, and Solana
Users can create and fund an embedded wallet directly within applications
The wallet uses Multi-Party Computation (MPC) technology for enhanced security
Developers can easily integrate the wallet into their applications with minimal code
The wallet allows for setting transaction limits while maintaining self-custody
Exodus has announced the launch of its new “Passkeys Wallet.” This innovative solution aims to address one of the most significant barriers to crypto adoption: the complex and often intimidating user interface of many existing wallets and decentralized applications (DApps).
The Passkeys Wallet, announced on July 9, 2024, introduces a seamless approach to creating and managing cryptocurrency wallets. Unlike traditional crypto wallets, Exodus’s new offering eliminates the need for users to manage seed phrases, install browser extensions, or go through email verifications.
This simplification could potentially open the doors of Web3 to a much wider audience, particularly those who have been hesitant to engage with cryptocurrencies due to technical barriers.
“With this Passkeys Wallet, with one click of your finger, you can create an encrypted, embedded wallet that is self-custodial,”
Explained David Reising, head of product for Exodus, in an interview. This one-click approach to wallet creation represents a significant leap forward in user experience, potentially rivaling the simplicity of popular Web2 applications.
One of the standout features of the Passkeys Wallet is its multi-chain support. The wallet is compatible with Ethereum Virtual Machine (EVM) chains, Bitcoin, and Solana, among others.
This broad support allows users to access multiple blockchain ecosystems without leaving the applications they’re interacting with, a feature that Exodus claims distinguishes it from competitors.
Security remains a top priority in the design of the Passkeys Wallet. The wallet employs Multi-Party Computation (MPC) technology, which enhances security by distributing private key control across multiple parties. Additionally, the wallet allows users to set spending limits, providing an extra layer of protection while maintaining the principle of self-custody that is fundamental to many crypto users.
For developers, the Passkeys Wallet offers an attractive proposition. Exodus claims that the wallet can be integrated into applications with “just a few lines of code,” potentially in less than 10 minutes. This ease of integration could encourage more developers to incorporate crypto functionality into their applications, further driving Web3 adoption.
JP Richardson, CEO and co-founder of Exodus, emphasized the wallet’s unique position in the market:
“We’re ecstatic to launch the Exodus Passkeys Wallet, a uniquely self-custodial and simple stand-alone solution, with the easiest on-ramp experience and the fastest integration.”
The company is also introducing incentives for developers to adopt the Passkeys Wallet. Exodus plans to partner with developers and share revenue on any on-chain transactions, creating a potential win-win situation for both the company and application developers.
The post Passkeys Wallet by Exodus: Bridging the Gap Between Web2 and Web3 appeared first on Blockonomi.
