New wallet uses Amazon hardware security modules to eliminate seed words
The newly launched crypto wallet by Kresus requires users to sign in with “magic links,” meaning password hashes don’t need to be stored. A new crypto wallet has just launched in Apple’s App Store store that uses Web2 trickery to ensure users don’t need to interact with seed phrases or passwords. According to a May 11 announcement from the app’s developer, Kresus, the new wallet stores users’ private keys in an Amazon Web Services Hardware Security Module (HSM) and uses “magic links” and 2FA to authenticate users. Most crypto wallets require users to write down a recovery phrase or “seed words” when they set up an account. If the user loses their recovery phrase and their device crashes, they lose access to their account forever. For this reason, some crypto users prefer to store their crypto in an exchange account. But events like the collapse of FTX have also led to fears that keeping crypto in an exchange could also be unsafe. A screenshot of the Kresus iOS app. Source: Kresus Labs...