Every year people lose access to their digital wallets due to poor key management. Now, 1Password, a popular secure password management platform, has teamed up with crypto wallet provider Phantom to help prevent this sort of loss.
Phantom wallet allows users to securely access cryptocurrencies, digital assets, non-fungible tokens (NFTs) and more that are built on the Solana blockchain. Following today’s application programming interface (API) integration, Phantom wallet users can now store all their wallet passwords and keys to 1Password.
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Human error meets human-centric security
Many don’t realize how important it is to safeguard their login credentials to their crypto wallets, or they don't understand how to do so safely, securely and privately.
People who lose their credentials by not saving their seed phrase, a series of words unique to one’s specific cryptocurrency wallet, find themselves unable to access their funds or to reset credentials and restore access to their digital wallets.
Whether it is not understanding the technology, pure indifference or simple security fatigue brought on by the constant need to set up and remember login credentials, this “human element” is the cause of 85% of data breaches, according to Verizon’s 2021 Data Breach Investigations.
According to Matt O’Leary, 1Password’s vice president of partnerships, we are often too tired or busy to take the necessary steps and follow best security practices.
To enhance user experience safety and to hedge against this human error, 1Password takes a “human centric” security approach.
Read more: 4 Ways to Stay Safe in Crypto
“We want people to be able to store their life securely in 1Password, wherever they are. And increasingly that is in the world of crypto,” said O’Leary, in a conversation with CoinDesk.
The intention, he added, is to “make the secure choice the easy choice.”
"1Password shares our commitment to help bring Web 3 mainstream by making the user experience safe and easy-to-use," said Brandon Millman, CEO of Phantom, in a statement. "Together with 1Password, we will provide an industry-leading approach to key management, so our users can focus on using their crypto wallet, instead of protecting it."
Both 1Password and Phantom wallet can be accessed via browser extensions. A personal 1Password account starts at $2.99 per month, with plans available for families and business as well.
Any Phantom wallet user who has signed up for 1Password and downloaded the extension can simply click the “Save in 1Password” button to save their private key, public key and password for their wallet in their 1Password vault, just as they might already be using it to store their Bank of America or Amazon account logins.
For now, the Solana-based Phantom wallet is the only crypto wallet integration available on 1Password, although O’Leary hinted that there might be more in the works.
“When we built this API, the 'Save in 1Password' API, the idea was that it would be the basis for a number of different partnerships,” he said, although he was unable to provide further details.
O’Leary did acknowledge it would be “a really good idea” to integrate with an Ethereum-based wallet, given the magnitude of users and NFTs native to the Ethereum blockchain.
“I think we're uniquely positioned to help as a password manager. We're available on every platform; people store their lives in our product,” said O’Leary. “This is actually just an extension of what we do, what we built our business on, which is helping people to store private information.”
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