Theft in the Crypto space has steadily increased in the past few years. Increased demand for a secure ecosystem has motivated MyEtherWallet (MEW), a leading paper wallet facilitator, to introduce a new app, which will offer a well-protected crypto wallet that securely locates MEW accounts with ETH and ERC-20 tokens.
Kosala Hemachandra, the founder of MEW, has stated that the project has utilized all of its resources to build the next phase of the MEW service suite, MEWconnects.
“Users are not always capable of storing their keys securely. For mobile, we have to choose for them, which takes this decision off their plate.”
MEWconnect will use phone hardware for protection. Most smartphone have a secure chip that is set apart from the rest of the device. The app will utilize this chip to protect encryption keys. Moreover, Hemachandra stated that there is no need for multi-factor verifications because that would require MyEtherWallet having to handle consumer keys. He further stated that MEWconnect will receive an upgrade that can support crypto trading.
Transfer Funds in Seconds
Wyre, a blockchain firm, will manage the KYC process and support the app to transfer funds. ApplePay consumers can use the application, while android users with GooglePay will only be able to purchase Ethereum supported tokens using debit cards.
Fund transfer is a long process, especially for newbies. Users have to pass the verification process, but wiith MEWconnect, this process will be accelerated. Alex Komarov, MEW’s Director of Mobile, said,
“Now, you can do it in one minute, and, if you have Apple Pay, you can get it done in 15 seconds.”
However, users have to pay high fees to utilize this service. Users around the world have to pay 5.25%, but the rate is lowered to 3.99% for USA customers who use ApplePay. MEW’s update comes at a pivotal point ad Bitcoin’s halving is just around the corner and it is expected that market interest could grow, with a portion of the interest drawn to Bitcoin trickling down to alts, especially major coins like ETH. Regardless, MEW’s new services are entering a highly competitive space as trade facilitation is now being offered by a rapidly growing number of Crypto companies, with many like Binance agreeing to consume customers’ credit card fees as a customer acquisition cost.