Crypto Wallet Provider Exodus Aims to Solve Web3's User-Friendly Issue With 'Passkeys Wallet'

The new wallet is able to bypass the need for seed phrases, browser extensions or email verifications to use decentralized apps.

AccessTimeIconJul 9, 2024 at 12:00 p.m. UTC
Updated Jul 9, 2024 at 10:00 a.m. UTC
  • Exodus is rolling out a new "Passkeys Wallet" to make the Web3 experience smoother for new users.
  • Developers will have additional incentives to integrate the wallet into their applications, the company said.
  • Passkeys Wallet will support various blockchains, including Bitcoin and Solana.
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  • Crypto wallet provider Exodus is starting a new product that is looking to make the user experience (UX) of Web3 as easy as possible for newcomers to the sector.

    The "Passkeys Wallet" will enable new users to create a wallet to explore various decentralized apps (dapps) without creating a new wallet or leaving the application. "With this Passkeys Wallet, with one click of your finger, you can create an encrypted, embedded wallet that is self-custodial," David Reising, head of product for Exodus, told CoinDesk in an interview.

    One of the main frictions for the mass adoption of crypto has been the complex user experience. Multiple assets in different blockchains need of separate wallets just to interact with different dapps, remembering 12-word seed phrases and the steep learning curve to navigating Web3 have acted as deterrents for many Web2 users looking to onboard into crypto. To bank the unbanked, crypto needs to streamline the UX like the Web2 apps such as Instagram or Facebook. Exodus is looking to do precisely that for newcomers to the industry.

    "If I'm a user, I don't need to sign up, there's no email verification, I don't need to worry about importing, or even really managing 12-word mnemonic phrase [seed phrase]. It takes so much of that complexity out," Reising said. Additionally, Exodus has worked with some payment processing partners to help new users fund their Passkeys Wallet easily, he added.

    Another feature of the new product is that it will support Ethereum Virtual Machine (EVM), Bitcoin (BTC), and Solana (SOL) among others, which will help users access multiple blockchain ecosystems without having to leave dapps they want to interact with, the company said in an email statement, noting that it will be a "distinguishing feature amongst competitors."

    Passkeys Wallet, however, isn't a magical solution that will do everything for users; developers will still need to adopt it in their applications. On that front, Exodus says it's making it easy for developers to integrate the wallet with "just a few lines of code," and it has Multi-Party Computation (MPC) technology for security. Reising said Exodus would also partner with the developers and share revenue on any on-chain transactions.

    The Class A shares of Exodus Wallet trade on an OTC exchange under the ticker EXOD. The company's efforts to uplist onto NYSE American, the New York Stock Exchange’s sibling market, were postponed in the 11th hour after the U.S. Securities and Exchange Commission (SEC) said that agnecy staff was still reviewing Exodus' registration statement.

    Edited by Stephen Alpher.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Aoyon Ashraf

    Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets


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