- 1 MetaMask is currently the most preferred Web3 wallet globally.
- 2 The latest features will increase the security of its users.
MetaMask, a crypto wallet developed by ConsenSys, has been making improvements to deliver a seamless experience to its users. As of now, the digital asset wallet has around 21 Million monthly active users on its network. The news comes with ConsenSys landing deals to extend its services across the globe. The application is currently among the most popular Web3 applications to this date.
MetaMask to Crush Hackers With Domain Binding
In its latest Twitter post, MetaMask revealed that the network is now compatible with EIP-4361, an Ethereum Improvement Proposal also known as Sign In with Ethereum. The initiative, they say, is to make confirmations more legible. The announcement also highlighted their domain binding feature to identify signatures from hostile URLs.
ConsenSys recently joined with MoonPay, a crypto payments company, to extend its services in Nigeria. According to the press release, the partnership allows users in the country to execute instant bank transfers to transfer digital assets within MetaMask. Nigeria is the first nation to launch a Central Bank Digital Currency (CBDC), eNaira.
Digital assets have been gaining massive traction over the past few years. Nevertheless, 2022 wasn’t so great as Terra UST and FTX appeared like a couple of Stukas and bombed almost the entire crypto space. The instances eventually lowered investors’ trust, but the market appears to be regaining its position. Bitcoin (BTC) rose by almost 2% in the past 24 hours, while Ethereum (ETH) grew by over 3%.
The Verge reported that Microsoft recently announced they are developing a crypto wallet for their Edge browser. Moreover, the wallet will be able to connect and support decentralized applications (dApps) and non-fungible tokens (NFT). This is an indication that cryptocurrencies are finally entering the mainstream.
Currently, MetaMask remains the most preferred crypto wallet among crypto enthusiasts. It is currently the leading self-custody wallet, and has allowed over $10 Billion in P2P token swaps to this date. However, its easy-to-use build also renders it an easy target for hackers.
The latest initiative will deliver more control over digital identities to the users. The tweet also said that the company is a huge supporter of the work of its partners concerning digital identities and interactions. Web3 needs to be a secure place before setting foot into the mainstream.
Crypto space is crawling with vulnerabilities, making it more appealing to malicious actors. The Poly Network attack of August 2021 remains the most fitting example of this. Attackers transferred over $600 Million worth of digital assets from the platform. They returned the amount within 15 days of the hack and explained they did this to highlight the vulnerability on the platform.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.