Avara, the organization behind the decentralized finance (DeFi) platform Aave, has made strides in simplifying its self-custody Family Wallet by substituting complex seed phrases for emails and SMS notifications. This move aims to streamline wallet creation and recovery, ultimately encouraging more users to join the platform.
The Family Wallet enables users to oversee their assets across various Ethereum Virtual Machine (EVM) networks. Through passkeys like fingerprints or facial recognition linked to the user’s device, access is made more secure, according to an emailed announcement from Avara. Additionally, a new web dashboard for the Family Wallet has been unveiled, allowing users to manage their accounts, as well as send, receive, and oversee their assets.
Digital asset holders are understandably wary of keeping their cryptocurrency on exchanges or under someone else’s control—especially following the fallout of incidents like the FTX collapse. However, self-custody wallets place the entire burden of key management on the user, which can be daunting for those who are new to the space.
“Over the past two years, we’ve been developing Family Accounts, a new option where users downloading the Family iOS app can easily sign up using their email or phone number,” noted Avara’s CEO, Stani Kulechov, in an interview.
Avara has also introduced a ConnectKit feature aimed at developers eager to incorporate the Family Wallet, Kulechov added.
Other seedless wallets available, such as Zengo, Argent, and Coinbase Wallet, utilize strategies such as multi-party computation, secure enclaves, smart contracts, and biometrics to fulfill their functions.