Why does MoneySwitch use MetaMask?
MetaMask provides a secure way to authenticate transactions.
MetaMask serves as a secure and user-friendly wallet that stores public and private key pairs. Each company on the MoneySwitch platform will create their own unique public and private key pair.
The public key, which is shared with MoneySwitch, is used to uniquely identify you. The private key, which is key secret, is used by your company to sign transactions. When a user in your company initiates a transaction, MetaMask will prompt the user to confirm and sign it. This provides a robust authentication process for transactions.
Since MoneySwitch never has access to your private key, we cannot make transactions on your behalf. However, malicious actors could make unauthorized transactions if they gain access to your private key. Therefore, it is crucial to keep it secure and share it only with those you intend to transact with.
An example of a key is shown below. The long sequence of numbers and letters makes it extremely unlikely that anyone could randomly guess your private key. In your MetaMask account you can create new public and private key pairs, or you can add a public and private key pair using your private key.
Example key: 0xEEf10dC03909b23dc7B340cA478126247B9Ff414