Web3 Wallet Startup Account Labs Secures $7.7 Mln

Singapore-based provider of Web3 wallet solutions, Account Labs, announced that it had secured $7.7 million in funding from lead investors such as Amber Group, MixMarvel DAO Ventures, and Qiming Ventures, among others.

In a statement, Account Labs stated that the fundraising coincides with the launch of its first consumer-oriented app, UniPass wallet, on Polygon.

The UniPass wallet software uses account abstraction technology, which allows users to create and access a self-custody Web3 wallet with just a Google account. According to the company, users can easily top up their wallets with any Mastercard or Visa card, making the crypto finance experience seamless and hassle-free.

In 2023, Keystone (established in 2018) and UniPass (2021) merged to form Account Labs, which provides Web3 Account Abstraction solutions. The company is using its funding to promote the upcoming wave of crypto adoption through P2P stablecoin transfers, starting with the release of the UniPass wallet software.

UniPass Wallet is targeting the Philippines for its initial launch and testing phase before expanding to other Southeast Asian countries, including Vietnam, Malaysia, and Indonesia. The company is taking advantage of the region’s high acceptance rates.

“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,” Chief Executive Officer of Account Labs said.

Account Labs’ Chief Operating Officer, Frank Lou, stated that the company is focused on expanding its services to consumers. As a result, they are pleased to offer a state-of-the-art user experience that simplifies Web3 wallet management, making it as easy as managing an email account.