Account Labs, a company focused on Web3 wallet solutions and cryptocurrency, has successfully raised USD$7.7 million from prominent investors like Amber Group, MixMarvel DAO Ventures, and Qiming Ventures. This development coincides with the launch of their consumer-centric app, the UniPass wallet. UniPass Wallet is hosted on Polygon, an Ethereum layer-2 scaling solution.
The UniPass wallet harnesses the power of account abstraction, allowing you to set up and access your self-custody Web3 wallet with astonishing ease. Imagine, you can create and log in to your Web3 wallet using just your Google account. Top it up using your Mastercard or Visa, and voilà, you’re in the world of frictionless crypto finance.
Account Labs has chosen to focus on Southeast Asia, a region ripe for Web3 adoption. The UniPass wallet is making its debut in the Philippines, with rapid expansion on the horizon, targeting countries like Vietnam, Malaysia, and Indonesia. The best part? It’s open to anyone globally, with a no KYC (know your customer) approach, in the true spirit of decentralized finance.
But what exactly is account abstraction? In simple terms, it allows developers to infuse more functionality directly into wallets, even smart contracts. This streamlines cross-chain transactions, removing operational complexities that users shouldn’t have to deal with. It’s like Venmo or Touch N’ Go eWallet for cryptocurrencies, making transactions a breeze.
UniPass is all about simplicity. Say goodbye to the cumbersome 12-word seed phrases. Now, you can log in using your Google account, no prior Web3 knowledge is required. Top up your wallet directly with cards, Apple Pay, or GCash (in the Philippines). With transaction fees paid in stablecoins, costs can be as low as USD$0.01 or USD$0.02 a transaction.
Account Labs places its faith in stablecoins as a gateway to mass crypto adoption. Unlike volatile cryptocurrencies, stablecoins are backed by Fiat currencies, making them comprehensible and trustworthy. They’ve already gained significant traction, rivalling even Visa in settlement value.
While UniPass offers a user-friendly experience, it doesn’t compromise on security. It’s a self-custody wallet, meaning you retain full control of your funds in a decentralized, trustless environment. As a peer-to-peer platform, it eliminates intermediaries, reducing fees and speeding up cross-border transactions.
The Ethereum Foundation is also a believer in this technology. In fact, they have awarded UniPass a grant for its work in developing account abstraction. Tom Teman, Product Manager at Ethereum Foundation, remarked, “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.”
The UniPass wallet is all set to debut on Polygon, initially available on Android, with iOS support soon to follow. Additionally, plans are in place to expand to Apple ID and other social media logins.