Binance’s Trust Wallet announced the implementation of the MPC solution, powered by Web3Auth, a leading Wallet-as-a-Service (WaaS) provider, A simple, self-managed two-factor wallet configuration works for Web2 and Web3 apps, making authentication easy for all users.
How does web3auth MPC integration Works?
This solution enables users to gain access to the platform using their pre-existing Google, Apple, Telegram, and Discord accounts, as well as SMS OTP and email recovery options. the MPC function is presently in its beta phase.
Benefits of Trust Wallet MPC Integration
- There is no longer a requirement for a seed phrase to be written down thanks to the MPC solution that was recently deployed by Trust Wallet and is supported by Web3Auth.
- Users have the option to retrieve their accounts by email or via one-time passwords sent to their mobile phones. The functionality of the MPC is now being tested in its beta phase and will, in the near future, be made available to all users.
- This helps to prevent human error and reduces the chance of having a single point of failure, which ultimately results in increased security and safety for user accounts.
- This will significantly lower the entry barrier for new Web3 users because they will be able to use Trust Wallet services in a straightforward and uncomplicated manner by making use of the Google, Apple, Telegram, and Discord accounts they already have.
“We took a big step since it benefits everyone. Using a self-custodial wallet to manage cryptocurrency is now easy. Web3Auth integration improves user experience and long-term value to promote Web3 adoption” – Eric Chang, Head of Product at Trust Wallet said
“Lost seed phrases are messy and threaten billions in bitcoin loses. I believe it’s simply the beginning of the long-term use of Two-Factor Wallets for industry security, and this partnership with Trust Wallet is a huge step forward in our efforts to democratise enterprise-grade MPC” – Zhen Yu Yong, Cofounder and CEO of Web3Auth said