Singapore-based Web3 wallet solution provider Account Labs has announced plans to launch a new wallet that will allow users to access using just a Google account following a successful fundraising of $7.7 million.
Account Labs announced that funding round was backed by a number investors including Amber Group, MixMarvel DAO Ventures, and Qiming Ventures. The investment also saw participation from other prominent backers.
Coinciding with this announcement is the unveiling of the company’s groundbreaking consumer-centric app, the UniPass wallet, on Polygon.
Account Labs has shared that the UniPass wallet, with its innovative account abstraction feature, allows users a streamlined setup and login process to their self-custody Web3 wallet using just a Google account.
This groundbreaking innovation further facilitates topping up using Mastercard or Visa, ensuring a seamless crypto finance experience.
Account Labs emerged in 2023, resulting from a merger of Keystone (established in 2018) and UniPass (initiated in 2021). This fusion birthed a dedicated platform to deliver Web3 Account Abstraction solutions.
The funds procured from the recent round will be primarily channeled to boost the impending wave of widespread crypto adoption, focusing specifically on peer-to-peer (P2P) stablecoin transactions.
In a strategic move to capitalize on the high crypto adoption rates, Account Labs has zeroed in on the Philippines for the initial launch and testing of the UniPass wallet. Subsequent expansion plans encompass a broader reach in Southeast Asia, notably including nations like Vietnam, Malaysia, and Indonesia.
Lixin Liu, the CEO of Account Labs, emphasized the pivotal role of account abstraction in accomplishing financial inclusivity, a foundational aim of cryptocurrencies. He noted:
UniPass is addressing the critical, real-life application of P2P transfers, especially in markets where cross-border remittances are bogged down by delays and high costs.
Frank Lou, COO of Account Labs, added that the UniPass wallet’s simplicity and functionality would revolutionize Web3 adoption, likening its management ease to that of an email account.
Amber Group’s Co-Founder and CTO, Thomas Zhu, extolled Account Labs, stressing its indispensable role in ushering the future of digital assets and Web3 mass adoption.
Further, the Ethereum Foundation recently awarded UniPass a grant for their pioneering work on account abstraction. Tom Teman, a Product Manager at the Ethereum Foundation, expressed his excitement about supporting UniPass, citing its potential to drive the next billion users to Ethereum with user-centric innovations.
Polygon Network Co-Founder, Sandeep Nailwal, observed the untapped potential in Web3 payment platforms, praising UniPass wallet as a promising contender in the payments domain. Nailwal believes that the collaboration of Polygon’s expansive global community and UniPass’s advancements might be the key to mainstream crypto finance innovation.
Lastly, it’s worth noting that while the UniPass wallet’s initial launch is on Android via Polygon, plans are already afoot to introduce iOS support and future integrations with Apple ID and other social media platforms.