Vessel Multi-Chain Wallet Will Make Internet Transactions Safer, Convenient: Founder

In a bid to reduce friction caused by the umpteen security hacks in the crypto space, Stytch, a company that provides user authentication for Web2 users, is introducing Vessel, a wallet that allows users to send, swap and hold their digital assets safely from a singular account.

"While there are lots of hacks in the crypto space, we believe the best way to protect users is to build effortless security into the products that users leverage. With Vessel, we’re continuing to imagine what the ideal Web2 and Web3 passport for the internet should look like, so you can expect much more from us in the coming months," Stytch's co-founder and CEO Reed McGinley-Stempel told International Business Times.

Launched last month to create a secure space for Web2 and Web3 users, Vessel is a fully non-custodial, multi-chain crypto wallet and identity vault. In simple terms, it is a tool that allows users to manage their online identity in one place, have control over what data they share, and enjoy the power to revoke access to it at any time and from one central location.

Juggling too many passwords for hundreds of different accounts in the Web3 space creates a lot of consumer frustration. Password-based authentication also poses significant security risks.

For every new account users sign up for, they have to hope that this website never gets hacked and leaks their password or other sensitive data. Unfortunately, these hacks are a daily occurrence as most users tend to re-use the same password across multiple sites. This poses risks where one website's insecurity can jeopardize a user's bank or crypto account.

"Friction is frustrating for users, and it threatens businesses’ key metrics like customer acquisition cost and user lifetime value. We are building a world where users feel like they have a passport for the internet powered by tools like Stytch and Vessel, so that you can land on a new site, perform a low-friction authentication event like a Face biometric, and then choose to share the data you want with that site instantly without having to fill out the same fields and forms every single time," explained McGinley-Stempel.

Noting that crypto wallets like MetaMask and Phantom can be confusing for new users as they introduce entirely new concepts like seed phrases, McGinley-Stempel said that Vessel makes it easy for new users to onboard into Web3 by providing multi-chain support (i.e. login with Solana and Ethereum is possible) and no seed phrases. Vessel also makes it interoperable with Web2 and Web3 sites so that the wallet can be a single passport for the internet.

"There’s a privacy-preserving layer built-in so that you don’t have to share your Ethereum or Solana address with sites unless you choose to," he added.

For Web2 users, Vessel is like the next-generation version of “Sign in with Google” as it streamlines the account creation and login process.

But rather than creating and managing passwords, the Vessel Chrome Extension performs a user-consented handshake with the website that they land on to authenticate yourself with no passwords needed.