A new crypto wallet has been launched on Apple’s App Store that uses Web2 techniques to eliminate the need for seed phrases or passwords. The wallet, developed by Kresus, stores users’ private keys in an Amazon Web Services Hardware Security Module (HSM) and uses “magic links” and 2FA to authenticate users. Traditional crypto wallets require the use of recovery phrases or seed words which makes them vulnerable to loss if the user forgets or misplaces them. The Kresus wallet uses an infrastructure called “Magic” to store the private keys on an AWS computer designed for sensitive storage. This removes the need for seed words or paper backups and makes the storage of crypto highly secure.
The wallet does not use passwords to authenticate users, which eliminates the common technique of account hacking involving password hashes. Instead, users receive a link in an email every time they attempt to log in. Additionally, 2FA is used to protect the account if the email address is compromised.
Kresus also provides users with .kresus domain names through Unstoppable Domains which eliminates the need to cut and paste crypto addresses for transactions. Furthermore, the infrastructure used means that neither the Kresus nor the Magic teams can see the user’s private key during account creation or login, thereby making unauthorized transactions impossible.
Immutable is also developing a similar seedless wallet called “Immutable Passport” that uses the same infrastructure. This wallet will be used to onboard players of Immutable’s Web3 games, such as Gods Unchained and Guild of Guardians.
Kresus closed a $25 million funding round in March for the development of its SuperApp.