MetaMask sees two new browser extensions jump into the software wallet market as ripples from the FTX collapse continue to increase demand for non-custodial solutions.
Frontier Wallet, an “all-in-one” non-custodial Web3 wallet, today announced a multi-chain browser extension that will work across more than 35 different chains.
One can use the browser extension to bridge, swap, participate in DeFi, and send and receive NFTs. Frontier will also support hardware wallets from Trezor and Ledger. According to a press release, their product will detect fraud and phishing attacks before they happen.
“Non-custodial wallets will play a key role in shaping the future of Web 3, as we have seen all the chaos with centralized players,” said Ravindra Kumar, founder and CEO of Frontier Wallet, a browser extension for users of multiple chains, DeFi And NFTs become an important interface for interacting with DApps.
Improving Non-Custodial Solutions
Xerian announced its attempt to take over market leader MetaMask late last year. As a sign of the times, both new extensions will let users interact with multiple series in one place. A much awaited innovation in UX.
Both products are taking security seriously, with Xerion audited by three security companies, according to an announcement at Breakpoint in Lisbon, Portugal.
MetaMask Software is the market leader in non-custodial wallets. The demand for such a product has increased since the collapse of FTX, a centralized exchange (CEX).
Unlike the custodial wallets used on many centralized exchanges, non-custodial wallets provide users with complete control over their crypto. So, even if an exchange goes down or becomes inactive, you can still use your cryptocurrency.
Custodial wallets come in two forms: hardware wallets and software wallets. Hardware versions allow you to physically carry your crypto with you. But they carry an additional risk if you lose the device they’re stored on.
When the FTX collapse began, users could not withdraw their funds from the exchange. Which resulted in the loss of billions of customer funds. Since then, the old adage of “not your keys, not your crypto” has become sacrosanct.
Since then, the Japanese subsidiary of FTX has announced the process of returning billions of customer deposits.
BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.