The collapse of the exchange has pushed users back to “self-custody” products like Ledger. But those can be risky too.
But with more crypto investors shifting to self-custody, both software and hardware wallet makers are trying to make their products more accessible and the process less risky.
Gaultier says he sees user-friendly and low-risk self-custody as a landmark step in the development of the crypto industry—a necessary concession to convenience on the road to mass adoption. “A lot of people say they cannot enter crypto because they can’t manage the recovery phrase. It’sindustry problem,” he says. “Making that pain point go away will trigger a lot more people to join the space.”
Not all self-custody requires hardware. The team behind MetaMask, a popular software self-custody wallet for the Ethereum blockchain, has set its sights on an ambitious technical solution. The risks of managing a recovery phrase are so foreign, says Simon Morris, chief strategy officer at ConsenSys, parent company to MetaMask, that “it’s like teaching people to drive, but in an F1 car.” It’s too much, too soon.
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