Web-wallet solution provider Account Labs raised $7.7 M to launch Google-login Web3 wallet
Account Labs, a Singapore-based supplier of Web3 wallet solutions, revealed on Thursday that it has raised $7.7 million from a number of investors, including lead backers Amber Group, MixMarvel DAO Ventures, and Qiming Ventures.
According to a statement from Account Labs, the announcement coincides with the release of the company’s first consumer-focused software, UniPass wallet, on Polygon.
The UniPass wallet app, it is said, uses account abstraction to enable users to create and log in to a self-custody Web3 wallet with simply a Google account, and to top it off with any Mastercard or Visa card, for a totally frictionless and seamless experience when using crypto finance.
In order to offer Web3 Account Abstraction solutions, Keystone (established in 2018) and UniPass (2021) merged to form Account Labs in 2023.
Account Labs is employing the financing to power the impending wave of broad cryptocurrency adoption through peer-to-peer (P2P) stablecoin transfers, starting with the release of the UniPass wallet software.
Because of the high adoption rates already present in the area, UniPass wallet is concentrating on the Philippines for its initial launch and testing phase before rapidly extending to the rest of Southeast Asia, including Vietnam, Malaysia, and Indonesia.
“Due to the wallet’s ease of use and the eponymous stability of stablecoins, UniPass is addressing the real-life everyday use case of P2P transfers, especially in emerging markets where cross-border remittances are slow and expensive,
“Expanding financial access and inclusion has been the goal of cryptocurrencies since day one, and account abstraction is critical to achieving that goal,” said Lixin Liu, Chief Executive Officer of Account Labs.
Frank Lou, the chief operating officer of Account Labs, stated that the company is happy to provide a cutting-edge user experience that makes managing a Web3 wallet as simple as managing an email account as it expands its services to the consumer side.
“This is what makes UniPass wallet a game changer for Web3 adoption,” he added.
According to Thomas Zhu, co-founder and chief technology officer of Amber Group, Account Labs is seen by the company as a key partner in creating the future of digital assets because of the way their solutions are bringing Web3 adoption closer than ever before.
