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TORONTO, Feb. 23, 2022 /PRNewswire/ — Lost and stolen cryptocurrency can cost investors millions of dollars, and unlike a credit or bank card, losing access to your digital wallet can cost you everything you’ve put into it. The process to recover your wallet requires a passphrase that you only see at time of first setup. To help more investors easily and securely join the crypto revolution, 1Password and Phantom, the fastest growing crypto wallet, have teamed up to make it easy to securely access cryptocurrencies, digital assets, NFTs and more built on the Solana blockchain.
1Password, the leader in human-centric security, will integrate its ” Save in 1Password ” API with Phantom. Instead of managing cumbersome login procedures that require saving long chains of characters and word strings that must be protected without an error—and with no recourse to reset credentials if users lose access—now users can instantly save all Phantom wallet credentials and keys to 1Password. As a result, users can quickly protect and trade a range of tokens, collectibles and NFTs built on the Solana blockchain, without the login hassle or threat of losing access forever.
“Crypto innovations are reshaping the world, but for many it seems too confusing or risky to join this transformation,” said Jeff Shiner, CEO of 1Password. “Our partnership with Phantom is another example of 1Password making technology more human-centric. Together, we are simplifying management for existing investors as well as lowering the barrier to entry for those eager to safely buy and trade digital assets through a platform they know and trust.”
Many crypto users prefer to use a digital wallet that gives them full control over their access keys rather than rely on an exchange that aims to reduce complexity by managing the owner’s wallet on their behalf—but can be more susceptible to attacks. FBI data details more than 20 hacks last year where at least $10 million in digital currencies were stolen from a crypto exchange. But managing a crypto wallet comes with its own set of complications. Research has shown that investors have lost access to more than $65 billion worth of bitcoin, often due to lost keys. Cautionary tales abound of individuals going to great lengths–including hiring hackers–to recover access to their cryptocurrency, while many store critical keys on easy-to-lose paper or hard drives.
“1Password shares our commitment to help bring Web3 mainstream by making the user experience safe and easy-to-use,” said Brandon Millman, CEO of Phantom. “As the fastest-growing crypto wallet, it’s essential for us to keep the assets of our millions of users secure. Together with 1Password, we will provide an industry-leading approach to key management, so our users can focus on using their crypto wallet, instead of protecting it.”
How Save in 1Password Works for Crypto
- With one click of the “Save in 1Password” button, Phantom wallet users can instantly generate and save everything they need to protect and safely trade Solana-based tokens and collectibles.
- Through the integration, users can save their Phantom wallet password, wallet address or public key, and secret recovery phrase or private key.
- Clearly-labeled fields customized for crypto make it faster and easier than ever to gather and protect cryptocurrency investments on any device or web browser.
“People should always transact securely and safely online but people also need help to understand and trust the tools they are using,” said Anatoly Yakovenko, co-founder of Solana. “This integration between 1Password and Phantom is one example of how people can more easily and quickly protect their digital assets, which should help expand in the long run blockchain usage to billions of people.”
1Password’s human-centric approach to security keeps people safe, at work and at home. It’s the only solution built from the ground up to enable anyone–no matter the level of technical proficiency–to navigate the digital world without fear or friction. The company’s password management and credentials security platform is trusted by over 100,000 businesses, including IBM, Slack, Snowflake, Shopify, and Under Armour. 1Password protects the most sensitive information of millions of individuals and families across the globe, helping consumers and businesses get more done in less time – with security and privacy as a given. Learn more at 1Password.com.
Phantom’s mission is to make crypto easy and safe for everyone. The Phantom wallet, currently available for modern browsers and iOS devices, lets users manage digital assets and access Solana-based apps like decentralized exchanges, NFT marketplaces, and games, with support for more devices to come. Founded by Brandon Millman, Chris Kalani, and Francesco Agosti, the team has experience building popular products for 0x, Twitter, Facebook, and Matcha. To learn more, please visit https://phantom.app.
Solana is a global state machine, and the world’s most performant blockchain. It gives developers the confidence to build for the long term by delivering predictable scaling without compromising security or composability. Solana’s performance is driven by a single global state, which is capable of processing tens of thousands of smart contracts at once, and by Proof of History, a distributed clock that unlocks low-latency, sub-second finality across the global state. To learn more, please visit https://solana.com.
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