The collaboration aims to allow asset holders to store their library of public key addresses and seed phrases in a single location.
1Password, a digital security service, has announced a collaboration with Phantom Wallet to allow asset holders to consolidate their vast collections of public key addresses, seed phrases, and other corresponding security details into a single ‘Save in 1Password’ system.
Currently focused on the traditional financial sector, 1Password has over 100,000 corporate clients from a variety of industries, including well-known brands such as IBM, Slack, Shopify, and Under Armour.
1Password’s application programming interface (API) aims to simplify the user experience, enable asset sovereignty, and assign portfolio responsibility to assist investors in adequately managing their cryptocurrencies and non fungible tokens (NFTs) held on the Solana blockchain.
Some would argue that 1Password, as a centralized entity, challenges the ideological consensus of the Web3 industry, countering the trustless thesis frequently asserted, with a conscious emphasis on security certitude and loss prevention.
Consumers who have interacted in the e-commerce and social profiling markets have gained extensive experience navigating the time-consuming password login and storage processes. Comprehensive education on the intricate nuances of digital wallet security is critical when entering the cryptocurrency space for the protection and true ownership of acquired assets.
In an interview, Matt O’Leary, 1Password’s VP of Partnerships, stated that “it’s important to keep in mind that crypto wallet logins are much more complex than the average login, made up of long chains of characters and word strings that must be remembered and entered without error,” before adding:
The collaboration of 1Password and Phantom is an excellent example of how innovation is overcoming this challenge… This human-centric approach to crypto wallet security was created with the end user in mind, making it easier than ever before to invest in cryptocurrency safely and securely.
O’Leary anticipates that Phantom will be the first of many crypto-themed partners to integrate with the company’s flagship service, Save in 1Password, in the coming months.
In an interview, Brandon Millman, CEO and Co-Founder of Phantom Wallet, stated, “In order for crypto and Web3 to go mainstream, people need to feel confident in the safety and security of their assets.” Stories about people losing crypto or being hacked can be frightening.
Millman went on to say that “the benefits of a non-custodial wallet in terms of personal control and independence come with the additional responsibility of personal key management.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.