Consensys acquires wallet infrastructure provider Web3Auth for an undisclosed amount

On June 3rd, according to The Block, blockchain software development company Consensys announced the acquisition of wallet infrastructure provider Web3Auth for an undisclosed amount. The acquisition aims to enhance the user experience of its MetaMask wallet. Consensys stated that this move is particularly aimed at addressing one of the biggest risks in the self hosting process - the issue of mnemonic word management. According to data, approximately 35% of users have not backed up mnemonic words, putting their funds at risk of loss. By integrating Web3Auth, MetaMask users will be able to create and restore wallets using familiar Web2 login methods such as social accounts and device authentication, without the need to manually backup mnemonics, thereby reducing the risk of fund loss.