Binance Backed Crypto Wallet Firm Web3Auth, and Safe Launch SafeAuth
Web3Auth, a wallet-as-a-service infrastructure provider has teamed up with the smart contract-based multi-signature crypto wallet provider Safe (formerly known as Gnosis Safe) to launch “SafeAuth” a service which allows users to create wallets quickly without the need for seed phrases.
Web3Auth is backed by Sequoia Capital, Union Square Ventures, and Binance working with well-known brands such as NBCUniversal, Fox.com, McDonald’s, Trust Wallet and Metamask.
For many in the crypto space, the use of seed phases is seen as a nuisance and can be easily lost when needed the most. To make this work Web3Auth’s social login technology will be used in combination with Safe’s account abstraction which is a blockchain technology that allows users to use smart contracts as their accounts.
Multi-signature wallets are a type of smart contract wallet that require multiple signatures or keys to authorize transactions – the SafeAuth service will allow its users to connect across hundreds of dApps with one smart account.
The release of SafeAuth will allow its users to create wallets swiftly through social logins secured by multi-party computation, without the need for seed phrases, according to Web3Auth and Safe.
“The real game-changer is the interoperability SafeAuth brings, allowing existing and future dApps to interact more fluidly than ever before.” Yong Zhen Yu, co-founder and Chief Executive Officer at Web3Auth said in a press release shared with CryptoNews.
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