Password management software provider 1Password today said it has signed a deal with cryptocurrency wallet provider Phantom Technologies Inc. to secure the passwords of wallet users.
Under the deal, 1Password will integrate its “Save in 1Password” application programming interface with Phantom, allowing Phantom users to access their wallets easily.
Instead of navigating cumbersome login procedures that require saving long chains of characters and word strings, Phantom users can instantly save all Phantom wallet credentials and keys to 1Password. That allows Phantom users to protect and trade a range of tokens, collectibles and nonfungible tokens built on the Solana blockchain without the login hassle or threat of losing access forever.
Password access to cryptocurrency wallets can be a serious issue. 1Password claims that lost and stolen cryptocurrency access can cost investors millions of dollars. Unlike credit or bank cards, losing access to a digital wallet can cost users everything they’ve put into it.
It’s claimed that investors have lost access to more than $65 billion worth of bitcoin, often because of 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.
The new integration is easy to use. 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. Users can save their Phantom wallet password, wallet address or public key, secret recovery phrase or private key through the integration.
“Crypto innovations are reshaping the world, but for many, it seems too confusing or risky to join this transformation,” Jeff Shiner, chief executive officer of 1Password, said in a statement. “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.”
Not surprisingly in 2022, there’s a web3 connection too. “1Password shares our commitment to help bring Web3 mainstream by making the user experience safe and easy-to-use,” noted Phantom CEO Brandon Millman.
1Password was last in the news in January when it raised a whopping $620 million on a $6.8 billion valuation. The funding was the largest ever raise by a tech startup in Canadian history. Investors in the company include ICONIQ Growth, Accel, Tiger Global and Lightspeed Venture Partners.