Key Takeaways
- Funding from Top VCs: Account Labs successfully secures an impressive $7.7 million in funding from major investors, marking a significant stride in advancing the Web3 wallet and UniPass app to the forefront of the cryptocurrency arena.
- UniPass Wallet Unveiled: The launch of UniPass wallet introduces a game-changing consumer-focused app, leveraging account abstraction to simplify access and transactions within the Web3 realm. Users can now log in and top up their self-custody Web3 wallet seamlessly with just a Google account and major credit cards.
- Driving Crypto Adoption: Armed with fresh funding, Account Labs sets its sights on driving the upcoming wave of mass crypto adoption. UniPass wallet’s focus on enabling peer-to-peer stablecoin transfers aims to enhance financial access and inclusion, particularly in emerging markets like the Philippines and Southeast Asia.
- Empowering the Everyday User: UniPass wallet, with its ultra-low fees, ease of use, and global availability without stringent KYC requirements, aims to transform crypto payments. By simplifying the crypto experience, UniPass stands to revolutionize global payments, fulfilling the original promises of Web3 and bringing crypto finance closer to the mainstream audience.
In a stride towards revolutionizing the landscape of cryptocurrency and decentralized finance, Singapore-based fintech startup Account Labs has raised $7.7 million in funding from prominent investors, including Amber Group, MixMarvel DAO Ventures, and Qiming Ventures. This financial infusion coincides with the unveiling of the UniPass wallet app, marking a significant milestone for Account Labs in steering the crypto financial experience towards seamless user engagement.
The UniPass wallet app, hosted on the Polygon network, leverages account abstraction technology, allowing users to establish and access a self-custody Web3 wallet through their Google account and facilitate top-ups using Mastercard or Visa cards. This innovation promises an unparalleled user experience, removing friction and streamlining crypto finance engagement.
The genesis of Account Labs emerged from the merger of hardware wallet developer Keystone and software wallet developer UniPass in May 2023. The newly infused funds will be channeled to drive widespread crypto adoption, with a focus on facilitating peer-to-peer (P2P) stablecoin transfers.
UniPass wallet has strategically chosen the Philippines for its app launch and testing phase, capitalizing on the region’s existing high adoption rates. Subsequently, expansion plans encompass Southeast Asia, including Vietnam, Malaysia, and Indonesia, aiming to uplift financial inclusion across borders.
Lixin Liu, the CEO of Account Labs, emphasized the significance of account abstraction in facilitating mass adoption of cryptocurrencies.
By integrating functionality directly into wallets, including smart contracts, account abstraction simplifies transactions for end-users, akin to everyday monetary transfers through platforms like Venmo.
Furthermore, Account Labs champions stablecoins as a pivotal enabler for crypto mass adoption, offering a stable value and familiarity to non-web3-natives. The UniPass wallet’s unique attributes, such as easy accessibility, low transaction fees, and instant cross-border transactions, promise to bridge the gap between the crypto sphere and the mainstream audience.
UniPass wallet stands at the forefront of the rising GameFi adoption in Asia, shifting from its prominent position in the business-to-business (B2B) sector to embracing the consumer side with the UniPass wallet app.
By simplifying the login process and reducing transaction fees, UniPass wallet maintains a self-custody model, providing users with control over their funds while facilitating hassle-free transactions.
Sandeep Nailwal, Co-Founder of Polygon Network, acknowledged UniPass wallet’s potential to revolutionize the payments use case within Web3, leveraging Polygon’s extensive global community to drive innovation in crypto finance for mainstream adoption.
Account Labs remains committed to the core principles of Web3, with a vision to expand financial access and inclusion. The UniPass wallet, epitomizing this commitment, addresses the pressing need for low-cost, instant, cross-border transfers, particularly in the face of economic uncertainties and currency volatility.
As traditional finance struggles to meet daily financial service needs, UniPass wallet emerges as a beacon of hope, ushering in a new era of inclusive and user-friendly crypto finance.