MetaMask and Blockaid partner to develop “privacy-preserving module” to enhance web3 security

MetaMask, a leading crypto wallet, has partnered with Web3 security firm Blockaid to fortify security measures for its users across various chains, including Ethereum, Linea, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche.

In a Feb. 20 statement shared with CryptoSlate, the firms explained that the collaboration would equip users with enhanced security alerts that would promptly notify them of threats like phishing attempts, scams, and hacks while safeguarding their assets.

According to the statement, the companies have “pioneered a unique privacy-preserving module that effectively simulates transactions while eliminating the need to share every single transaction and signature request with external parties.”

The firms said the module allows for a proactive security approach, which could help prevent the loss of hundreds of millions of dollars in digital assets.

Dan Finlay, the co-founder of MetaMask, highlighted the significance of these advanced security alerts in shielding users from phishing and hacking threats. He added that MetaMask aims to empower users to navigate the web3 landscape with increased confidence and safety by preemptively thwarting malicious transactions.

Ido Ben-Natan, the CEO of Blockaid, noted the pervasive threat of malicious activities within the web3 ecosystem, emphasizing the importance of such collaborative efforts in fostering wider mass adoption while mitigating security risks.

Blockaid tools have been integrated across various wallets and decentralized applications like OpenSea, Zerion, and Rainbow, protecting users from fraud, phishing, and hacks.

Increasing user base

Meanwhile, MetaMask also disclosed a notable surge in its user base, reminiscent of peak levels witnessed during bullish market periods.

The platform reported a remarkable 55% increase in monthly active users over four months, surpassing 30 million active users in January from the 19 million recorded in September.

MetaMask said the surge mirrors the figures observed amid the 2021 bull market,

The company attributed this robust growth to the mainstream adoption of the emerging industry, bolstered by robust regulatory frameworks, workforce expansion, and technical advancements. It added that the regulatory clarity in key jurisdictions such as the UK, EU, and Hong Kong has fostered this growth.