XRP Ledger and Web3Auth Launch 30-Second Onboarding with New MPC Wallet

Web3 wallet infrastructure provider Web3Auth has announced the launch of the XRP Ledger MPC (Multi-Party Computation) wallet.

According to the press release, while a typical crypto wallet requires 5-15 minutes to set up, said the announcement, the Web3Auth integration “drastically shrinks” this time to 30 seconds.

It also includes ease of accessing private keys and wallets and a familiar user experience (UX).

Overall, it aims to improve UX on the XRP Ledger (XRPL), the team noted.

Furthermore, the wallet offers to its users “an intuitive onboarding journey, meticulously designed to prioritize simplicity, speed, and security.”

To improve security without compromising accessibility, Web3Auth said it provides Multi-Party Computation technology and distributes private key management to multiple parties.

“This is particularly beneficial for XRPL projects aimed at onboarding new, more unique use-cases into its ecosystem,” the announcement remarked.

Besides simplicity and speed, which the press release describes as “a larger goal,” the integration with XRPL allows for various authentication methods.

These include social and email logins, biometric verifications (i.e., face and touch recognition), and OAuth authentication pathways.

President of XRPL Commons David Bchiri commented that “open standards like Web3Auth will help the developers in the XRPL community offer seamless flows for users, making their experience simple and intuitive. “

XRP is Down 6% in a Month, Up 11% in a Year

XRPL is an open-source, public, and decentralized Layer-1 blockchain powered by the XRP coin.

At the time of writing (Wednesday morning, UTC), XRP trades at $0.5728, down 2.7% in a day.

The coin’s price fell 4.3% in a week and 6.2% in a month.

Overall, it appreciated nearly 11% over the past year.

XRP saw its last all-time high of $3.4 in 2018, dropping 83% since.

As XRP targets traditional finance (TradFi), institutional customers, and the international payments sector, “this new wallet is especially interesting,” an email to Cryptonews said.

Zhen Yu Yong, CEO and co-founder of Web3Auth, commented that their Multi-Party Computation wallet setup enables “instant access to a secure, non-custodial XRPL wallet,” as well as “a smooth, secure onboarding experience.”

Web3Auth is a Wallet-as-a-Service (WaaS) provider that allows users to manage a non-custodial wallet intuitively.

It utilizes Multi-Party Computation and Account Abstraction tooling, social logins, biometrics, and authentication protocols OpenID Connect (OIDC) and Fast IDentity Online (FIDO).

Additionally, Web3Auth – backed by Sequoia Capital, Union Square Ventures, Binance, and more – works with Fortune 500 brands like NBCUniversal, Fox.com, and SK Planet, as well as Web3 companies like Trust Wallet, Metamask, Keplr, Kukai, Skyweaver, and others.

So far, it says, it has supported “thousands of Web3 projects with more than 20 million monthly users.”

Just yesterday, the team announced integration with Layer-1 blockchain ZetaChain, to enable developers to easily build omnichain decentralized apps (dapps).

With this integration, developers using Web3Auth can now easily build omnichain dApps, leveraging ZetaChain’s universal EVM and cross-chain messaging capabilities.

📄 Full docs ⬇️https://t.co/BuizZ8zC8g

— Web3Auth (@Web3Auth) August 27, 2024