The integration means that instead of having to manage lengthy login credentials made up of strings of characters, numbers, and words, users can instantly save all their Phantom wallet credentials and private keys to 1Password.
“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.
According to Shiner, the partnership between Phantom and 1Password will simplify access to crypto for existing investors, while also “lowering the barrier to entry for those eager to safely buy and trade digital assets through a platform they know and trust.”
Securing access to cryptocurrencies is becoming an even more pressing issue in light of last month’s report by blockchain analytics firm Chainalysis.
The firm estimates that as much as $3.2 billion worth of crypto were stolen from wallets and exchanges last year. Roughly $2.2 billion of those funds were stolen from decentralized finance (DeFi) protocols.
“People should always transact securely and safely online but people also need help to understand and trust the tools they are using,” Anatoly Yakovenko, co-founder of Solana, told Decrypt.
1Password and Phantom teaming up “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,” he added.
1Password and Phantom
Based out of Toronto, Ontario, 1Password is a password management and credentials security platform serving over 100,000 consumers and businesses across the globe, including the likes of IBM, Slack, and Shopify.
“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.
Phantom, which last month joined the coveted unicorn club after raising $109 million in a Series B funding round, is considered one of the crypto industry’s fastest-growing wallets.
Now, following the latest tie-up with 1Password, the crypto wallet is hoping to safely onboard even more users.