- Consensys has issued an improved privacy agreement.
- The famous browser wallet has more than 21 million monthly active users.
According to ConsenSys, details collected in this way may be shared with partners during business transactions or to comply with KYC and anti-money laundering requirements imposed by law enforcement authorities. According to ConsenSys, the use of personal data may be to provide the service, comply with laws, communicate with people, optimize the platform, comply with regulations, fraud prevention and security.
Now you may be wondering how safe is the data once it is collected?
The question to this answer is quite simple. Personal information is retained to comply with laws and prevent fraud where necessary. However, the transmission of personal data over the Internet can never be guaranteed. Users of the Services are responsible for maintaining the security of passwords, biometrics, user IDs, etc. when gaining access to password-protected or secure areas of our Digital Services.
Currently, MetaMask is one of the most popular self-custody wallets on the market with over 21 million monthly active users. The response within the crypto community has been negative many times. As Adam Cochran, Associate at Cinnemhain Ventures said:
“Consumer privacy is our top priority, especially when it comes to your financial information, you have the power to be unknown. Metamask has long offered a significant free service, but their decision to record IPs and tie them to transactions is unacceptable.”
Meanwhile, Hayden Adams, the founder of the Uniswap protocol, responded to inquiries by mentioning that the decentralized exchange does not track IPs, nor does it allow it to be done using third-party tools on the platform. ConsenSys has now joined the ranks of major Web3 firms like Coinbase who are using IP tracking partly due to stricter laws.