Wallet provider Exodus introduces Passkeys Wallet to handle DApps across multiple networks

The product is aimed at newcomers to the Web 3.0 sector

09.07.2024 - 13:55

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Last updated on Aug 6, 2024

What’s new? Crypto wallet provider Exodus is launching a new product to make it as easy as possible for newcomers to the Web 3.0 sector. Passkeys Wallet will allow users to work across different decentralized applications (DApps) without having to create a different wallet for each. As explained by Exodus head of product David Reising, Passkeys Wallet will create an encrypted embedded non-custodial wallet in one click.

Material by CoinDesk

What else is known? Reising noted that users do not need to register, confirm email, import, and store a seed phrase to rebuild the wallet, which significantly lowers the entry threshold for working with the decentralized finance (DeFi) sector.

A special feature of the new product is support for networks with Ethereum Virtual Machine (EVM), Bitcoin, Solana, and others. This will allow users to work across different blockchain ecosystems without disconnecting from the DApps they are interested in. The company notes that this will be a competitive advantage for Passkeys Wallet.

Exodus is also partnering with payment processing companies to help new users easily fund their Passkeys Wallet. In addition, the wallet is equipped with multi-party computation (MPC) technology to enhance its security.

Despite the ease of use for customers, developers will still have to implement Passkeys Wallet into their applications on their own. However, the company noted that it is possible to embed the new wallet by adding just a few lines of code. According to Reising, Exodus intends to cooperate with developers and share revenue from on-chain transactions.

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Earlier, Exodus announced plans to go public on the New York Stock Exchange (NYSE). While securities regulator SEC has not yet finalized the application, EXOD was originally expected to list in May.

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