Crypto Wallet Provider Exodus Aims to Solve Web3’s User-Friendly Issue With ‘Passkeys Wallet’

As a seasoned crypto investor with a background in technology and user experience design, I’m excited about Exodus’ new “Passkeys Wallet.” The company’s focus on simplifying the Web3 experience for new users aligns with my belief that ease of use is crucial for mass adoption.

As a crypto investor, I’m excited about the latest announcement from my go-to crypto wallet provider, Exodus. They’re launching a new product with the goal of simplifying the user experience (UX) of Web3 for newcomers like me in the cryptocurrency sector. This means easier access to decentralized applications and seamless interactions within the Web3 ecosystem. It’s great to see companies focusing on making this complex world more accessible for everyone.

Using the “Passkeys Wallet,” new users can generate a hidden, self-managed wallet with just one click within the application to interact with different decentralized apps (dapps) without needing to establish a new wallet or navigating away from the current one. According to David Reising, Exodus’s head of product, this innovation was discussed in an interview with CoinDesk.

One major obstacle to widespread crypto adoption is the intricate user experience. With various assets residing on distinct blockchains, users are required to maintain separate wallets to engage with different decentralized applications (dApps). Remembering lengthy 12-word seed phrases and mastering the intricacies of Web3 has discouraged numerous Web2 users from joining the crypto world. In order to serve the unbanked population, crypto must simplify its user experience, mirroring that of popular Web2 apps like Instagram or Facebook. Exodus aims to accomplish this for newcomers to the industry.

For a user, there’s no requirement to register or go through email verification. You also avoid the need to import or manage a 12-word mnemonic phrase (seed phrase) for security. Exodus has collaborated with certain payment processing partners to make it simpler for new users to fund their Passkeys Wallet.

While Passkeys Wallet isn’t a one-size-fits-all solution that automatically handles everything for users, it’s important to note that application developers will need to incorporate it into their own platforms. Exodus simplifies this process by allowing developers to integrate the wallet using only a few lines of code. Furthermore, Exodus utilizes Multi-Party Computation (MPC) technology to ensure security, and they plan to collaborate with developers and split revenues from on-chain transactions.

Exodus Wallet’s Class A shares are traded over-the-counter with the ticker symbol EXOD. However, their plans to list on NYSE American were put on hold at the last minute due to the SEC’s announcement that they were still examining Exodus’ registration statement.