Web3 Wallet Startup Account Labs Raises $7.7 Million

Account Labs, a Singapore-based supplier of Web3 wallet solutions, revealed on Oct 12 that it had raised $7.7 million from lead investors Amber Group, MixMarvel DAO Ventures, and Qiming Ventures, among others. Account Labs said in a statement that the announcement coincides with the debut of the company's first consumer-focused app, UniPass wallet, on Polygon. The UniPass wallet software, according to the company, uses account abstraction to allow users to set up and log in to a self-custody Web3 wallet with only a Google account and top up with any Mastercard or Visa card, for a genuinely smooth and frictionless crypto finance user experience.

It was formed in 2023 due to the combination of Keystone (established in 2018) and UniPass (2021) to provide Web3 Account Abstraction solutions. Account Labs is using funding to promote the forthcoming wave of widespread crypto adoption through peer-to-peer (P2P) stablecoin transfers, beginning with the introduction of the UniPass wallet software.

Taking advantage of the region's high acceptance rates, UniPass Wallet is targeting its initial launch and testing phase in the Philippines before rapidly extending to the rest of Southeast Asia, including Vietnam, Malaysia, and Indonesia.

“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,” said Lixin Liu, Chief Executive Officer of Account Labs.

According to Account Labs Chief Operating Officer Frank Lou, as the company pushes its services to the consumer side, it is happy to offer a cutting-edge user experience that makes operating a Web3 wallet as simple as managing an email account.