Account Labs CEO Lixin Liu
Singapore-based Web3 wallet startup Account Labs has raised US$7.7 million as it is set to launch its consumer-focused UniPass wallet app on Polygon.
The funding came from Amber Group, MixMarvel DAO Ventures, and Qiming Ventures.
The capital will be used to launch the UniPass wallet app and drive the upcoming wave of mass crypto adoption through peer-to-peer stablecoin transfers. The app will initially be launched and tested in the Philippines before expanding to other parts of Southeast Asia, such as Vietnam, Malaysia, and Indonesia.
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Account Labs was founded in 2023 following the merger of Keystone and UniPass.
As a smart contract wallet, UniPass does away with complex 12-word seed phrases to log in. Wallet owners can use their Google account to set up and log into their wallets, with no Web3 familiarity required. Users can also top up their wallet directly with cards, Apple Pay, or GCash in the Philippines. Users can then send stablecoins directly to other Web3 wallets.
Account abstraction lets developers directly programme functionality into wallets, including smart contracts. This removes many operational layers that inhibit cross-chain transactions and other operational bottlenecks the average consumer doesn’t want to consider. Users don’t have to understand or manage what happens in the background when they execute transactions. Instead, it’s similar to when users Venmo cash to a friend after dinner.
In addition to account abstraction, Account Labs believes stablecoins are another key to unlocking crypto mass adoption. By removing the speculative trading aspect, fiat-backed stablecoins are easier for non-web3-natives to grasp and trust.
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“Due to its 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, CEO of Account Labs.
UniPass Wallet also offers low fees. Transaction fees on smart contract wallets are paid in stablecoins rather than each blockchain’s native token, bringing costs down to as low as 1 or 2 US cents per transaction. UniPass will also reimburse three transfers per day per user.
UniPass wallet will launch on Polygon and will be available on Android on launch, with iOS support set to follow soon, as well as future plans to expand to Apple ID and other social media logins.
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Image Credit: Account Labs.
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