March 1, 2022
1Password is bringing increased and streamlined security to the world of cryptocurrency. The password manager is known for storing passwords, logging into websites and filling forms securely with a single click. In order to expand its security services, 1Password partnered with the crypto wallet start-up, Phantom and the blockchain firm, Solana.
This partnership fills a large gap in the crypto currency space. “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.”
A lost or stolen crypto-currency wallet is much more difficult to recover than a bank card or credit card. Recovering a wallet requires a passphrase that is only seen when the wallet is first set up – leaving some individuals to hire hackers to recover access to their crypto-currency. According to Matt O’Leary, VP of Technology Partnerships for 1Password, “Unfortunately, many new investors still don’t understand the importance of storing their recovery phrase and wallet details — without those, they can lose access to their investments.”
The partnership between 1Password and Phantom is an example of making it faster and easier for people to protect their digital assets, which should allow for greater crypto usage in the long run.
By: Hannah Johnson