Avara Simplifies Self-Custody with Family Wallet
Avara, the parent company behind the innovative decentralized finance (DeFi) platform Aave, has taken a significant step towards enhancing user experience by streamlining its self-custody Family Wallet. In a move designed to eliminate the complexities associated with traditional seed phrases, Avara now allows users to create and recover their wallets using simple email addresses and SMS verification. This initiative aims to make the onboarding process seamless for newcomers venturing into the world of cryptocurrencies.
The Family Wallet enables users to efficiently manage their digital assets across multiple Ethereum Virtual Machine (EVM) networks. Users can utilize advanced passkey technologies, such as fingerprint or facial recognition, which are securely tied to their devices. According to Avara, this approach not only simplifies access but also enhances security.
In addition to these features, Avara has introduced a new web dashboard for the Family Wallet, providing users with a user-friendly interface to manage their accounts. This dashboard facilitates the sending, receiving, and overall management of assets, making it easier for users to navigate their financial landscape.
In a climate where holders of digital assets are increasingly wary about the risks associated with leaving their cryptocurrencies on exchanges or in third-party custody—especially following high-profile incidents like the collapse of FTX—the importance of self-custody solutions cannot be overstated. However, self-custody wallets can often impose the burden of key management entirely on the user, which can be daunting for those who are new to the crypto space.
“For the past two years, we’ve been diligently developing Family Accounts, a groundbreaking feature that allows users to sign up effortlessly through the Family iOS application using just an email or a phone number,” said Avara CEO Stani Kulechov in a recent interview. This development is a clear indication of Avara’s commitment to fostering greater accessibility in the cryptocurrency ecosystem.
Moreover, Avara has unveiled a new ConnectKit feature aimed at developers eager to integrate the Family Wallet into their applications. This move not only enhances the wallet’s functionality but also encourages wider adoption among various platforms and services.
It is worth noting that other seedless wallet solutions currently available in the market—such as Zengo, Argent, and Coinbase Wallet—employ a variety of techniques, including multi-party computation, secure enclaves, smart contracts, and biometric authentication, to ensure the safety and accessibility of users’ digital assets.
