1Password Finally Expands Into Crypto Wallets to Protect Users
There are fewer risks for crypto investors now that 1Passsword is partnering with Phantom and Solana. The two startups are looking to make a name in the realms of blockchain-based app development and digital finance, and they share an important mission with the password protection outfit: to ensure the safety and integrity of user data and digital assets.
The Need for Greater Security in Digital Finance
Although blockchain technology is supposed to have superior security built in, few outside of the industry understand exactly what it is and how it works. Add to the the complexity of creating and accessing digital wallets – as well as the lure of fast, easy money from cryptocurrency investment – and you can see the need to make these platforms more user-friendly and secure.
According to a 2022 report released by the crypto data firm, Chainanalysis, 2021 saw a 516 percent increase in stolen cryptocurrency over the previous year.
That rise is due in part to the digital asset investment frenzy that has created an almost overnight buzz and quite a few instant millionaires. The increased wealth and proliferation of crypto wallet platforms makes investors and startups alike targets for fraud, identity theft, data breaches, and other cybercrimes.
How the Partnership Will Benefit Crypto Wallet Users
Although blockchain and crypto currencies aren’t new, the rush of newbie investors who are less savvy but eager to get in on the trend has led to more interest in regulating the platforms, standardizing certain protocols, safeguarding investors.
According to Phantom CEO, Brandon Millman, the goal is to work with Solana and 1Password to set the standard for blockchain password protection and become an industry leader in key management. As of now, crypto wallet logins are extraordinarily long and complex. That makes them harder to hack, but it also makes the platforms less accessible to users who must manage and protect their accounts.
The group wants to change all of that so clients can focus on expanding their investment portfolios rather than worrying about protecting their assets.
In terms of accessibility and account protection, the trio of businesses are the ideal combination for such an undertaking. With more than 2.1 million users depending on the app developed by Solana, Phantom is one of the fastest growing crypto wallet platforms in the industry. Over the past two years, 1Password has raised its own valuation to more than $6 billion and increased B2B business by 70 percent year-over-year.
That means more than 100,000 companies now depend on 1Password to manage login access across multiple accounts and platforms. In anticipation of further growth, the company has expanded their workforce by 300 percent and begun development of a new generation of 1Passoword for Windows.
In the words of Solana co-founder, Anatoly Yakovenko, the integration between their app, 1Passowrd, and Phantom “is one example of how people can more easily and quickly protect their digital assets, which should help expand in the long run blockchain usage to billions of people.”