We’re rolling out a number of improvements to make access to the Blockchain.com Wallet and Exchange easier and more secure than ever.
The following improvements will be rolled out for select customers in the coming weeks and for all customers in the coming months.
1. Sign in with Email Magic Links
One of the key innovations behind the Blockchain.com wallet is that it is hosted in the cloud. Your wallet is encrypted by a number of secrets that you control, and yet it remains accessible over the web without the need for custom hardware. By simply remembering a wallet ID and password, we’ve made it easy for non-tech-savvy people to control their own private keys and money.
The wallet ID and password work together to protect your account in case your password is compromised. However, over the years we have found that customers sometimes struggle to remember that they have a wallet ID or why they need it.
Today we’re rolling out Email Magic Links so you can link your device and sign in without using a wallet ID. In the future, we will add guard rails so that customers don’t accidentally log in multiple times with the same email address.
2. Approval for registration of the secure channel
We make it easier for you to log into your Blockchain.com account in a web browser by authorizing the login with your mobile phone. In the past, we have supported device pairing, which allowed wallets to share a QR code that could be used to authenticate and pair another device.
The problem with this model is that the QR code is usually hosted on a mobile device, so customers have to use a PC webcam to authenticate. If a QR code was compromised, an attacker could also gain permanent access to your wallet.
Today we’re introducing a revised linkage mechanism called “Secure Channel”. This allows you to scan QR codes with your mobile device. After scanning, you can approve or deny the request by reviewing the security information. We hope this will lead to more accessibility and security when pairing a device.
3. Account recovery
Last year we introduced an easier way to buy crypto directly from the Blockchain.com wallet. By keeping your fiat and recently purchased crypto in the trading account, we have enabled support for instant purchases through your account balance, cards and bank transfers. We have also introduced the possibility to earn interest on your crypto directly in the Blockchain.com wallet.
These products have been hugely successful and in the past year we have helped millions of people buy and hold crypto.
In order to optimize the recovery of custody accounts, we are introducing a mechanism for resetting their passwords and re-verifying their identity so that customers can regain access to their account.
Account recovery does not help in recovering funds that you hold on your own through the private key wallet. However, it does offer you an easy way to get back any funds that Blockchain.com holds on your behalf.
Coming soon: single sign-on
Since the Blockchain.com Exchange was launched in late 2019, millions of merchants have used our advanced liquidity gateway.
One of the most important feedback we’ve heard is that customers don’t understand why they need two separate accounts for Exchange and Wallet.
We will soon be enabling customers to log into their unified Blockchain.com account and use it for authentication with both the wallet and the exchange. Keep an eye out for this exciting addition.
Tie everything together
Email Magic Links, Secure Channel Approval, Depot Recovery and Single Sign-On will be rolled out to select customers in the coming weeks.
We will keep iterating and improving these features to make Blockchain.com the easiest and most secure place to take control of your money.