Crypto wallet provider Exodus is launching a new product, the “Passkeys Wallet,” designed to make the Web3 user experience smoother for newcomers. This innovative wallet bypasses the need for seed phrases, browser extensions, or email verifications to use decentralized apps (dapps).
Revolutionizing Web3 UX
The Passkeys Wallet offers a unique one-click wallet creation process, which allows new users to instantly set up a secure wallet. This feature eliminates the need to remember complex seed phrases or manage multiple wallets, making the experience more user-friendly. Users can explore various dapps without the hassle of creating a new wallet or leaving the application. David Reising, head of product for Exodus, stated in an interview with CoinDesk, “With this Passkeys Wallet, with one click of your finger, you can create an encrypted, embedded wallet that is self-custodial.”
Addressing Web3 Adoption Challenges
Exodus recognizes that the complex user experience has been a significant barrier to mass crypto adoption. Users often need multiple wallets for different blockchains, remember 12-word seed phrases, and navigate a steep learning curve to interact with Web3. The Passkeys Wallet is designed to address these challenges, making the user experience as comfortable and intuitive as Web2 apps like Instagram or Facebook.
“If I’m a user, I don’t need to sign up, there’s no email verification, I don’t need to worry about importing or managing a 12-word mnemonic phrase,” Reising said. Exodus has also partnered with payment processors to help new users fund their Passkeys Wallet easily.
Multi-Blockchain Support
The Passkeys Wallet will support various blockchains, including Bitcoin (BTC), Ethereum Virtual Machine (EVM), and Solana (SOL). This multi-chain support allows users to access multiple blockchain ecosystems without leaving the dapps they want to interact with, making it a distinguishing feature among competitors.
Developer Integration and Security
Developers will have incentives to integrate the Passkeys Wallet into their applications. Exodus has made it easy for developers to integrate the wallet with just a few lines of code and has incorporated Multi-Party Computation (MPC) technology for security. This emphasis on security is designed to make users feel secure in their interactions with the Passkeys Wallet. Additionally, Exodus plans to partner with developers and share revenue on any on-chain transactions.
Market Presence and Future Plans
Exodus Wallet’s Class A shares trade on an OTC exchange under the ticker EXOD. The company had planned to uplist to the NYSE American. However, it postponed the move after the U.S. Securities and Exchange Commission (SEC) indicated it was still reviewing Exodus’ registration statement. Despite this delay, Exodus remains committed to its growth and expansion plans.
