The integration also enables various authentication methods.
Web3 wallet infrastructure provider Web3Auth has announced the launch of the XRP Ledger MPC (Multi-Party Computation) wallet.
A standard cryptocurrency wallet takes five to fifteen minutes to set up, but the Web3Auth integration “drastically shrinks” that time to thirty seconds, according to the press release.
It also features a recognizable user interface (UX) and simple access to wallets and private keys.
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.”
According to Web3Auth, it uses Multi-Party Computation technology and assigns private key management to several parties in order to increase security without sacrificing accessibility.
“This is particularly beneficial for XRPL projects aimed at onboarding new, more unique use-cases into its ecosystem,” the announcement remarked.
In addition to speed and simplicity—which the press release refers to as “a larger goal”—different authentication methods are made possible by the integration with XRPL.
These consist of email and social media logins, biometric authentication (such as touch and face recognition), and OAuth authentication channels.
“Open standards like Web3Auth will help the developers in the XRPL community offer seamless flows for users, making their experience simple and intuitive,” said David Bchiri, president of XRPL Commons.
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% sinc
According to an email sent to Cryptonews, “this new wallet is especially interesting,” as XRP targets traditional finance (TradFi), institutional customers, and the international payments industry.
Web3Auth’s CEO and co-founder Zhen Yu Yong stated that “instant access to a secure, non-custodial XRPL wallet” and “a smooth, secure onboarding experience” are made possible by their Multi-Party Computation wallet setup.
A non-custodial wallet can be easily managed by users with the help of Web3Auth, a Wallet-as-a-Service (WaaS) provider.
It makes use of social logins, biometrics, OpenID Connect (OIDC) and Fast IDentity Online (FIDO) authentication protocols, as well as Multi-Party Computation and Account Abstraction tooling.
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.
It claims to have helped “thousands of Web3 projects with more than 20 million monthly users” up to this point.
Just yesterday, the team announced integration with Layer-1 blockchain ZetaChain, to enable developers to easily build omnichain decentralized apps (dapps).
We are thrilled to announce our integration with @zetablockchain!
— Web3Auth (@Web3Auth) August 27, 2024
ZetaChain is a Layer 1 blockchain that offers seamless interoperability across multiple blockchain networks, allowing developers to create omnichain dApps with ease. 🌐 pic.twitter.com/Afeid412rm