Consensys Acquires Web3Auth to Enhance MetaMask Security & Multi-Chain Access

Consensys aims to tackle a major security concern in self-custody: the management of seed phrases. Data reveals that 35% of users fail to back up their seed phrases, leaving their assets vulnerable if devices are lost. To address this, the company has acquired Web3Auth and integrated its technology into MetaMask. This will replace manual seed phrase storage with familiar web2 login methods like social media credentials and device-based authentication, significantly reducing the risk of losing wallet access.