Digital security service 1Password has announced a collaborative partnership with Phantom Wallet to enable asset holders to amalgamate their vast accumulations of public key addresses, seed phrases and other corresponding security details into a single ‘Save in 1Password’ system.
Operating primarily in the traditional financial sector at this time, 1Password has over 100,000 corporate clients from a panoply of industries, including well-recognized brands like IBM, Slack, Shopify and Under Armour.
The application programming interface (API) of 1Password aims to simplify the user experience, enable asset sovereignty and assign portfolio responsibility to help investors sufficiently manage their cryptocurrencies and nonfungible tokens (NFTs) held on the Solana blockchain.
A centralized entity at its core, some would argue that 1Password challenges the ideological consensus of the Web3 industry, countering the trustless thesis often proclaimed, with a conscious emphasis on security certitude and loss prevention.
Related: Cointelegraph Magazine: What the hell is Web3 anyway?
Consumers familiar with interaction in the e-commerce and social profiling markets have obtained vast experience navigating the tedious password login and storage processes. Upon entering the cryptocurrency space, comprehensive education on the intricate nuances of digital wallet security is crucial for the protection and true ownership of acquired assets.
Cointelegraph reached out to Matt O’Leary, the VP of Partnerships for 1Password, for an in-depth assessment on the subject of security, as well as whether the prevalence of hacks and exploits in the decentralized finance (DeFi) space has catalyzed demand necessity and subsequent innovation for security solutions such as 1Password.
O’Leary stated that its “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 remarking:
1Password’s partnership with Phantom is a great example of innovation that is conquering this challenge… This human-centric approach to crypto wallet security was designed with the end user in mind, making it easier than ever to invest in crypto safely and securely.
O’Leary expects Phantom to be the first of many crypto-themed partners over the coming months to integrate within the companies flagship service, Save in 1Password.
Cointelegraph also spoke to Brandon Millman, the CEO and Co-Founder of Phantom Wallet, to learn more about his macroscopic vision for the digital wallet security market as we progress towards the conceivable utopia of mainstream adoption.
“In order for crypto and Web3 to go mainstream, people need to feel confident in the safety and security of their assets. Stories of people losing crypto or getting hacked can be intimidating.
Millman continued on to explain that “the benefits of a non-custodial wallet in terms of personal control and independence also comes with the added responsibility of personal key management.”