Integration with the XRP Ledger now also enables various authentication methods.
Web3Auth, a leading Web3 wallet infrastructure provider, has announced the launch of its new Multilateral Computation (MPC) wallet for the XRP Ledger (XRPL).
Key Improvement in Wallet Setup Time With XRP
According to the press release, this integration has significantly reduced the typical crypto wallet setup time from 5-15 minutes to just 30 seconds. This breakthrough provides users with private keys and easy access to their wallets while maintaining a familiar user experience (UX).
Enhancing User Experience on XRP Ledger
The team at Web3Auth stated that they aim to enhance the overall user experience on XRPL. The new wallet offers an intuitive onboarding journey that emphasizes simplicity, speed, and security.
Innovative Private Key Management
Web3Auth utilizes Multilateral Computing technology to distribute private key management among multiple parties, increasing accessibility without compromising security. This technology is particularly beneficial for XRPL projects seeking to introduce new and unique use cases within their ecosystem.
Variety of Authentication Methods
Furthermore, the integration with XRPL offers various authentication methods, including social media and email logins, biometric verifications (facial and touch recognition), and OAuth authentication paths.
Industry Support and Community Impact
David Bchiri, Head of XRPL Commons, commented, “Open standards like Web3Auth will help developers in the XRPL community deliver seamless flows for users, making their experience simple and intuitive.”
XRP Market Performance
Meanwhile, XRP, known as the native coin of the open-source, public, and decentralized Layer-1 blockchain XRPL, has seen mixed performance. Currently, XRP is trading at $0.5698, up 0.7% in the last 24 hours. However, the cryptocurrency has lost 5.9% over the past week and 6% in the last month, while showing a 9% increase over the past year. XRP, which peaked at $3.4 in 2018, has since lost 83% of its value.
Web3Auth CEO’s Statement
Zhen Yu Yong, CEO and co-founder of Web3Auth, emphasized the benefits of the new wallet. He states that it provides “instant access to a secure, trustless XRPL wallet” and offers a “smooth and secure startup experience for users.” As a Wallet-as-a-Service (WaaS) provider, Web3Auth enables users to manage trustless wallets in an intuitive way.
Key Technologies and Partnerships
Web3Auth leverages tools such as OpenID Connect (OIDC) and Fast IDentity Online (FIDO), which include social logins, biometrics, and authentication protocols. The platform is backed by investors like Sequoia Capital, Union Square Ventures, and Binance. It also collaborates with major companies, including NBCUniversal, Fox.com, SK Planet, and Web3 companies like Trust Wallet, Metamask, Keplr, Kukai, and Skyweaver.
Expansion into Omnichain-Centric Dapps
Additionally, Web3Auth announced its integration with the Layer-1 blockchain ZetaChain, enabling developers to easily build omnichain-centric decentralized applications (dapps). So far, the platform has supported thousands of Web3 projects, serving over 20 million monthly users.