Microsoft is reportedly working on an Ethereum-based Web3-wallet, for Microsoft Edge (its flagship browser), allowing users to send and receive digital assets and NFTs, with DeFi-swapping capabilities.
The non-custodial wallet is built into the browser, which means users will not have to install additional extensions or apps, and will use ENS names for sending transactions. IT media outlet Bleeping Computer reported on the wallet’s development, and Twitter-user Albacore shared screenshots of the wallet on Twitter.
Microsoft Partners with Consensys to Bring DeFi Swapping to Edge Wallet
Microsoft has partnered with Consensys to make available a swap feature supporting ETH, DAI, UNI, USDC, and USDT, according to Bleeping Computer.
The Edge browser wallet will enable users to manage multiple Ethereum accounts, and users to swap between different tokens with ease, making the wallet more user-friendly for crypto investors.
Non-Custodial Wallet with Multiple Account Management & DeFi Swapping
One of the key features of the new wallet is that it is non-custodial, meaning users are in control of their funds, and the tech giant will not have access to users’ passwords or recovery keys. The wallet generates an Ethereum address that allows users to receive funds through the Ethereum network. Users can also manage multiple Ethereum accounts and choose between the built-in Edge wallet, or via a browser extension.
Additionally, the wallet has DeFi-swapping capabilities, making it easier for users to exchange cryptocurrencies. The move to add a Web3 wallet to its flagship browser is a significant development for Microsoft, and the entire Web3 industry.
Newest in the gauntlet of questionable upcoming Microsoft Edge features, a crypto wallet 💸
Not really sure how to feel about this kind of thing being baked into the default browser, what are your thoughts?
More screenshots of the UI in the next tweet ➡️ pic.twitter.com/GAUPiZGLIY
— Albacore (@thebookisclosed) March 17, 2023
Microsoft Edge Beta Version Includes “News” Section, & Sending to ENS Names
According to Albacore, who first reported on the wallet’s development, the beta version of the wallet also features a news section to keep track of industry developments, which includes the ability to connect to decentralized apps. This will provide Microsoft Edge users with the latest news on the crypto market and DeFi industry.
Also, the wallet will use Ethereum Name Service (ENS) names for sending transactions, which will further simplify the user experience, making it easier for users to send and receive funds without having to remember long, complicated wallet addresses.
— Albacore (@thebookisclosed) March 17, 2023
Microsoft Web3 Wallet to Simplify Onboarding Process for New Users
The emergence of Web3 technologies has spurred a growing trend of Web2 infrastructure companies looking to explore ways to integrate these decentralized solutions into their platforms. According to Jane Ma, co-founder of zkLend, a layer-2 money-market protocol built on StarkNet, Microsoft’s prototype crypto wallet for its Edge browser is a prime example of this trend.
Ma said that “Microsoft’s approach of providing a ready-made, packaged solution within its browser would break down technical barriers.” This will simplify the onboarding process for new users and improve the user experience, as they will no longer need to input their credit card information every time they make a payment. “With a massive user base of over 200 million, Microsoft Edge’s approach of providing a ready-made, packaged solution within its browser would break down technical barriers,” she said.
Savvy Play Against Rivals Google Chrome & Brave Browsers
According to Simon Kertonegoro, who previously helped usher in the implementation of a collaborative program between Microsoft and Enjin known as Azure Heroes, the tech giant’s Web3 wallet is a “savvy play” as it seeks to “gain an upper hand” against rivals Google Chrome (and also likely, Brave browser).
Web2 Companies Are Building Infrastructure
Microsoft’s move to add a built-in Ethereum Web3 wallet (building with ENS and DeFi swapping capabilities) into its “Edge browser” is a significant development for the industry. It will allow 200 million users to easily send and receive crypto or NFT assets, without installing additional extensions or apps. The move signals a pivot from its previous Web3 endeavors.
The wallet’s non-custodial nature, DeFi-swapping capabilities, and ease of use will simplify the onboarding process for new users and improve the user experience. The addition of ENS names for sending transactions is another feature that will make it easier for users to send-and-receive digital assets and NFTs with ease and less errors, allowing them to swap between different tokens using users’ Web3 ENS name.
As the development of Web3 technologies continues, we can expect to see more Web2 infrastructure companies exploring ways to integrate these decentralized solutions, including ENS protocol, into their platforms.