Exodus, a prominent provider of cryptocurrency wallets, has embarked on a mission to demystify the Web3 user experience (UX) with its latest innovation, the ‘Passkeys Wallet’. This pioneering product is poised to make the Web3 landscape more accessible to novices, significantly easing their entry into the world of decentralized applications (dapps).

The ‘Passkeys Wallet’ empowers users to effortlessly create an encrypted, self-custodial wallet with a mere touch, without the need to establish a new wallet or exit the application. “With this Passkeys Wallet, with one click of your finger, you can create an encrypted, embedded wallet that is self-custodial,” elucidated David Reising, Exodus’ head of product, during an interview with CoinDesk.

A significant impediment to the widespread adoption of cryptocurrency has been the intricate user experience. Users are often required to manage multiple wallets across different blockchains, remember cumbersome 12-word seed phrases, and navigate a steep learning curve. These barriers have deterred many potential users from transitioning from Web2 to Web3. Exodus aims to mitigate these challenges, providing an intuitive UX akin to mainstream Web2 applications like Instagram or Facebook.

“If I’m a user, I don’t need to sign up, there’s no email verification, I don’t need to worry about importing, or even really managing 12-word mnemonic phrases [seed phrases]. It takes so much of that complexity out,” Reising emphasized. Furthermore, Exodus has collaborated with payment processing partners to facilitate the funding of the Passkeys Wallet, enhancing the onboarding process for new users.

The Passkeys Wallet boasts support for Ethereum Virtual Machine (EVM), Bitcoin (BTC), and Solana (SOL), enabling users to seamlessly interact with various blockchain ecosystems without leaving their preferred dapps. This cross-compatibility is a distinguishing feature that sets Exodus apart from its competitors, according to an email statement from the company.

While the Passkeys Wallet significantly simplifies user interaction, it does not offer an all-encompassing solution. Developers still need to integrate the wallet into their applications. Exodus is streamlining this process by allowing integration with minimal code and incorporating Multi-Party Computation (MPC) technology for enhanced security. Reising noted that Exodus would also collaborate with developers, sharing revenue from on-chain transactions.

Exodus Wallet’s Class A shares are traded on an OTC exchange under the ticker EXOD. However, the company’s aspirations to list on the NYSE American, the sibling market of the New York Stock Exchange, faced a delay. The U.S. Securities and Exchange Commission (SEC) deferred the uplisting due to pending reviews of Exodus’ registration statement.