A new item type dedicated to crypto and digital assets has been added to the 1Password interface as part of a recent upgrade. Although it’s normally advisable to maintain your wallet’s information offline, this could make it easier to store details related to your cryptocurrency wallet.
The update adds a “Crypto Wallet” entry to the password manager, which is a blank, easy-to-fill-in format. It has fields for the kind of data you’ll need to enter, such as your wallet address and recovery phrase.
While you could previously save crypto-related data in 1Password, it wasn’t always as simple as it seemed, as it involved repurposing existing fields. For example, 1Password recommends altering and adding sections inside the “Login” item to make them suitable for your crypto wallet’s information, such as establishing a distinct section for your private key, as outlined in a how-to on the company’s website.
You shouldn’t have to fiddle with new sections as much when using the Crypto Wallet item because they’re already prepared for the fundamental information you’ll need to save.
The new version of 1Password also supports Phantom’s crypto wallet, which stores Solana-based tokens and NFTs. If you have a 1Password subscription and create a Phantom wallet, you’ll be prompted to link your Phantom wallet password, wallet address, and secret recovery phrase to the password manager.
Because of the potential for security threats, experts advocate securely storing your seed phrase (the master key that unlocks your wallet) in a physical location rather than on an internet-connected device (even in a password manager).
However, you could argue that storing your seed phrase in a password manager is still safer than doing anything like screenshotting it or saving it in an online document, which some individuals who are new to crypto would do. For folks who only have a tiny quantity of crypto and have a lot less to lose, storing information in a password manager may be more handy.