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New wallet uses Amazon hardware security modules to eliminate seed words

d4528afe-6167-49b4-bdea-f9bc9795dcda.jpg

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.

2c8e907e-c13a-4fa5-8f4f-584dcbc69e77.pngA screenshot of the Kresus iOS app. Source: Kresus Labs

Speaking to Cointelegraph, the Kresus team said that their new wallet app attempts to fix this problem using a wallet infrastructure and software development kit (SDK) called “Magic,” which stores the user’s private key on an Amazon Web Services computer that is specifically designed to store highly sensitive information.

The AWS computer encrypts the user’s key with a Master Key that cannot leave the hardware module, much in the same way that a hardware wallet does. This eliminates the need for seed words or private keys to be stored on the device or kept as a paper backup, the team said.

Unlike a centralized exchange, Kresus does not use passwords to authenticate users, since stealing password hashes and cracking them is one of the most common techniques hackers use to get access to web accounts. Instead, it requires users to click a link from within an email each time they attempt to log in.

The app also uses 2FA to protect the account in case the user’s email address becomes compromised.

When it comes to sending crypto, users don’t need to cut and paste crypto addresses on Kresus. Instead, the app allows each user to register for a free .kresus domain name through Unstoppable Domains, which they can use to send crypto to others.

“We’re really trying to offer something that is truly a better mousetrap for any Web3 user,” Kresus CEO Trevor Traina told Cointelegraph. “Where you can move all of your things from multiple places into one place, have it be very accessible but highly secure […] but also a gateway portal for people who aren’t comfortable yet on Web3 because they’re terrified they’ll be locked out.”

The Kresus team stated that because of the way Magic infrastructure works, neither they nor the Magic development team are able to see the user’s private key during account creation or login, so they cannot make unauthorized transactions.

Related: Human ID project ‘Worldcoin’ launches gas-free wallet only for humans

The Web3 app developer closed a $25 million funding round to support the development of its so-called SuperApp in March.

Web3 superapp @Kresusofficial raised $25M in a Series A funding round led by @LCVentures, with participation from @FTI_US and JetBlue Ventures.https://t.co/ymXkN5DBAx pic.twitter.com/Cgw30Hvimo

— Crypto Fundraising #StandWithUkraine (@Crypto_Dealflow) March 7, 2023

Kresus is not the only wallet to offer seedless onboarding through Magic SDK. Web3 gaming company Immutable told Cointelegraph that it is also developing a seedless wallet called “Immutable Passport” that uses the same infrastructure. Passport will work on the Immutable X and Immutable zkEVM networks and will be used to onboard players of Immutable’s Web3 games, such as Gods Unchained and Guild of Guardians.

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  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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