Crypto infrastructure company ConsenSys has acquired Web3Auth, a leading provider of wallet authentication technology, to enhance the ease of use and security for its popular MetaMask wallet. This strategic move follows ConsenSys’s ongoing efforts to address pain points in self-custody, particularly around seed phrase management, which poses a significant risk to users. The acquisition will allow users to easily recover their wallets using familiar methods like social logins or device verification. 35% of crypto users may be at risk due to the lack of backup seed phrases – this move aims to curb that vulnerability by offering more user-friendly multifactor authentication. The integration of Web3Auth’s technology will be rolled out gradually over time, aiming for broader accessibility for mainstream users. This acquisition is part of ConsenSys’s larger strategy to strengthen the MetaMask ecosystem with other strategic purchases aimed at improving security and functionality, including Wallet Guard (advanced threat protection) in 2024, Hal (blockchain developer tooling platform) in 2023, and MyCrypto in 2022. The company’s commitment to increasing MetaMask’s inclusivity is evident in their recent announcement of cross-chain support for Bitcoin and Solana, expanding its reach beyond Ethereum and EVM-compatible blockchains. This update aims to offer users a more accessible solution across multiple networks, reflecting the evolution of Web3.