Account Labs Raises $7 Million For Smart, Google-Integrated Web3 Wallets

Singapore-based web3 wallet solution provider, Account Labs, made significant announcements on Thursday, marking a substantial step towards revolutionizing Web3 adoption. One announcement pertained to their $7.7 million funding, and the other involved the launch of a more user-friendly and intelligent web3 wallet.

On Thursday, Account Labs announced a fresh $7.7 million Series Pre-A funding round, led by reputable investors in the web3 and internet technology industries, including Amber Group, MixMarvel DAO Ventures, and Qiming Ventures, among others.

"We view Account Labs as a critical partner in shaping the future of digital assets. Their solutions bring us closer than ever to enabling mass adoption of Web3. Their work on account abstraction will play a pivotal role in bringing transactions into the modern era and opening doors to the mainstream," said Amber Group co-founder and CTO, Thomas Zhu.

Account Labs also launched its first consumer-oriented application, UniPass Wallet, which facilitates self-custody, Google-enabled, peer-to-peer stablecoin transfers.

UniPass Wallet is a smart solution that simplifies the process of setting up and accessing a web3 wallet by allowing users to utilize their Google accounts. The wallet eliminates the need to remember the complex 12-word seed phrase, making wallet creation more accessible, even for those unfamiliar with web3.

This is achievable through the utilization of account abstraction principles, which also enable users to create and access their on-chain wallet and store crypto assets using Visa or Mastercard cards, as well as Apple Pay.

Account abstraction is a novel technology that aims to enhance the management flexibility and behavior of Ethereum accounts. It enables developers to integrate more functionality directly into wallets and smart contracts, bypassing multiple operational layers.

"We're thrilled to support the UniPass team in the Ethereum Foundation's recent Account Abstraction grant round, as they will help onboard the next 1 billion users to Ethereum with innovative UX that leverages the possibilities of ERC-4337," Ethereum Foundation product manager Tom Teman said.

UniPass Wallet prides itself on its truly decentralized nature, as it does not require know-your-customer (KYC) details from its users.

"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," Account Labs CEO Lixin Liu said in a press release sent to International Business Times.

While Account Labs' latest product is accessible worldwide, the company aims to focus on launching the app and conducting its testing phase in the Philippines before expanding to neighboring Southeast Asian countries such as Malaysia, Vietnam and Indonesia.

"As we expand our services to the consumer side, we're proud to offer a state-of-the-art user experience that makes running a Web3 wallet as easy as managing an email account. This is what makes UniPass wallet a game changer for Web3 adoption," Account Labs COO Frank Lou told IBT.

UniPass wallet will launch on Polygon and will be available for download on Android at launch. The app is also planned to be released on iOS, with the company's intentions to expand to Apple ID and other social media logins.

"Payments are still one of the untapped segments of Web3. It's bizarre that the industry which started on the promise of global payments still doesn't have successful payment apps. UniPass' wallet looks to be a great attempt at the payments use case. With Polygon's vast global community of developers, builders, and users, and UniPass' advances in account abstraction, they have a potential to bring crypto finance innovation to the mainstream audience," Polygon Network co-founder Sandeep Nailwal said.