MetaMask and MultiversX join forces to bring on-chain 2FA to millions
Key Takeaways
- MultiversX has launched a Snap for MetaMask, providing an added layer of security through 2FA.
- The system has been tested and proven effective in real-world scenarios.
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MetaMask, the world’s leading Web3 wallet, has teamed up with MultiversX, one of the most common non-EVM blockchains, to launch the MultiversX Snap, bringing its on-chain two-factor authentication (2FA) feature to MetaMask’s millions of monthly active users, the companies shared on Thursday.
MultiversX’s innovative on-chain 2FA feature, also known as Guardians, provides an additional layer of security for MetaMask users, MultiversX stated. The feature can protect users from fund theft even if their secret phrase is compromised as the multi-signature scheme requires secondary confirmation for transaction signing.
MultiversX added that the system has been tested and proven effective in real-world scenarios, including a public challenge where a wallet’s seed phrase was exposed. It is also user-friendly with familiar tools like Google and Microsoft Authenticators.
The integration of MultiversX’s on-chain 2FA solution into MetaMask represents a major leap forward in securing digital assets in the Web3 space.
In 2023 alone, more than 324,000 users fell victim to crypto-phishing scams, leading to over $300 million in lost assets. The feature addresses this challenge by providing a robust security solution built into the blockchain itself, according to MultiversX.
Although MultiversX’s on-chain 2FA is not natively available on the Ethereum network or other EVM-based chains, MetaMask Snap offers the most seamless way for users to access the MultiversX ecosystem. The feature is compatible with all applications and wallets within the MultiversX ecosystem, the firm noted.
In addition to security benefits, the integration enables users to access the MultiversX ecosystem directly from their MetaMask wallet, without the need for complex migration processes.
“The MultiversX Snap offers an important preview of what the Sovereign Chains SDK for next-gen L2s will bring to the entire Web3. It facilitates accessibility to the MultiversX ecosystem, its opportunities and innovations, providing MetaMask users with an integrated experience [of] most of our recent developments,” Lucian Mincu, CIO of MultiversX Labs noted.
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Author: Vivian Nguyen
