MetaMask Faces Competition as Browser Extensions Heat up the Software Wallet Market

MetaMask saw two new browser extensions jump into the software wallet market as the ripples from the FTX collapse continue to increase demand for non-custodial solutions.

Frontier Wallet, an “all-in-one” non-custodial Web3 wallet, has today announced a multi-chain browser extension that will work across over 35 different chains.

Somebody can use the browser extension to bridge, swap, participate in DeFi, and send and receive NFTs. Frontier will also support hardware wallets from Trezor and Ledger. According to a press release, their product will automatically detect fraud and phishing attacks before they happen.

“Non-custodial wallets will play a crucial role in shaping the future of Web3 after all the chaos we have witnessed with centralized players. A browser extension becomes a vital interface for users to interact with multiple chains, DeFi, and NFTs dApps,” said Ravindra Kumar, founder, and CEO of Frontier Wallet.

Non-Custodial Solutions Are Improving

Zerion announced its own attempt to take on market leader MetaMask late last year. As a sign of the times, both of the new extensions will let users interact with multiple chains in one place. A much-anticipated innovation in UX.

Both products are taking security seriously, with Zerion having been audited by three security companies, according to an announcement at Breakpoint in Lisbon, Portugal.

MetaMask is the market leader in software non-custodial wallets. Demand for this kind of product has spiked since the collapse of FTX, a centralized exchange (CEX).

In contrast to custodial wallets used on many centralized exchanges, non-custodial wallets give users full control over their crypto. So, you can still access your cryptocurrency if an exchange goes down or becomes defunct.

Custodial wallets come in two forms: hardware wallets and software wallets. Hardware versions allow you to take your crypto with you physically. But they carry an extra risk if you lose the device they are stored on.

When the FTX collapse began, users could not pull their funds off the exchange. Which culminated in billions of customer funds lost. Since then, the old adage of “not your keys, not your crypto” has become sacrosanct.

Since then, FTX’s Japanese subsidiary has announced the process of refunding billions of lost customer deposits.

Source