Wallet provider Safe Taps Payments Giant Stripe in launch of new developer stack

Self-managed infrastructure provider Safe (formerly known as Gnosis Safe) is rolling out new tools for Web3 developers, allowing them to use account abstraction as an alternative to the traditional private and public key cryptographic wallet setup.

Called Safe{Core}, the new software development kit (SDK) was launched in partnership with payment processing giant Stripe and Web3 infrastructure providers Gelato and Web3Auth. The project partners will help with certain technical aspects, such as user-centric features for fiat-on-ramps, simplification of transaction fees and payment flows, as well as user authentication.

Account abstraction, a key tenant of the Safe Wallet and Core solutions, has been the talk of crypto these days.

Essentially, it means turning crypto wallets into if-then smart contracts that can be tailored to different needs. Depending on whether you are publishing a blog post or trading millions of dollars, you can adjust the security measures for the transaction.

“Account abstraction is key to onboarding millions of new users and bringing Web2-like usability to Web3,” Safe founder Richard Meissner said in a statement, adding that last year’s events “have clearly demonstrated the risks of placing absolute trust in third parties . -party administrators.”

The collapse of various centralized crypto platforms, including FTX and Celsius, was yet another stark reminder of the importance of security hygiene and crypto’s unofficial slogan: Not your keys, not your coins.

Safe, originally a product of the Gnosis ecosystem, rebranded to Safe in July 2022 after playing from Gnosis. Members of the Safe community also voted to launch SafeDAO and the SAFE token. Safe’s storage infrastructure, which allows users to securely store Ethereum and ERC20 tokens and interact with decentralized applications, ensures over 39 billion dollars in assets, while Web3 projects such as Aave and 1 inchtogether with the e-commerce giant Shopifyhave chosen it as the default wallet.

This is not to mention personalities like the Ethereum inventor Vitalik Buterin and Punk6529 who chose Safe wallet to store their personal belongings.

Now, with the launch of Safe{Core}, development teams can use the features made popular by the original wallet infrastructure provider, especially the flexibility of account abstraction.

“You’ll be able to use a different (off-chain) authentication method depending on where you’re interacting,” Meissner said Decrypt. “For logging into a website you can use a simple hot-wallet key, while for an interaction with a marketplace (ie OpenSea or CoW Swap) you need to follow stricter authentication.”

According to Safe, account abstraction can also program an account to be controlled by a different type of login, such as an email instead of a seed phrase, or to have a third party pay for gas, thereby giving users personal autonomy over their assets without compromising. ease of use.

Bring account abstraction to life

More importantly, according to Safe, account abstraction is an excellent way to integrate new Web3 users from traditional business areas.

For example, a popular coffee shop chain might build one NFT-based loyalty program for non-crypto customers, spins up multiple user accounts so they can interact with the company just like they do in Web2.

This means, among other things, being able to log in without a seed phrase and avoid the risk of losing your precious points, or using a credit card for feelless payments.

“Safe has been at the forefront of account abstraction and is the most battle-tested and used implementation,” Meissner said. “With Safe{Core}, we’re putting a modular stack in the hands of developers to seize this enormous opportunity.”