- The UniPass wallet leverages the Polygon blockchain to reduce transaction fees and implements “account abstraction,” a process involving writing account information onto the blockchain.
- UniPass is a market-unique solution because it does not require the same expertise as other wallets, such as recalling the long seed to recover wallets.
Web3 and the crypto platform Account Labs recently announced that it had raised USD 7.7 million in early-stage funding to create cryptocurrency wallets that let users control their private keys and access them using their Google accounts so they don’t have to remember seed phrases to log in.
The Pre-Series A investment round was spearheaded by notable investors from the cryptocurrency and internet technology sectors, namely Amber Group, a digital asset finance company; MixMarvel DAO Ventures, a decentralized capital organization; and Qiming Ventures, a venture capital firm with a focus on technology.
Together with the funding, the company revealed its UniPass wallet app, which enables users to securely send, receive, and withdraw stablecoins, such as USD Coins and USDT. Stablecoins are a form of cryptocurrency linked or “pegged” to a traditional currency, like the U.S. dollar, ensuring each token maintains a consistent value, typically at a 1:1 ratio with USD, such as USD 1. As a result, stablecoins are advantageous for holding, trading, and exchanging for services because they are not volatile.
The wallet leverages the Polygon blockchain to reduce transaction fees and implements “account abstraction,” a process involving writing account information onto the blockchain. This feature enables users to utilize their Google account credentials for login, eliminating the necessity to remember a 12-digit seed phrase. This streamlined access is beneficial for adding the wallet on a new device or regaining access in case of loss.
Using a Google account will allow users to add funds to their wallets using Mastercard and Visa via Google Pay, LLC’s online payment service. Users can utilize cards, bank transfers, and other financial payment services supported in over 170 countries and over 50 currencies for withdrawals.
In May, UniPass, the software wallet developer, and Keystone, the hardware wallet maker, merged to form Account Labs. Keystone develops hardware wallets, enabling users to retain control of their cryptocurrency by storing it on a device that can confirm transactions without revealing the private keys representing their wallets.
At the time, Liu Lixin, Co-Founder and CEO of Account Labs stated, “As the crypto industry grapples with frequent digital asset losses, the Web3 world is in dire need of comprehensive technical solutions to restore market confidence.”
Account Labs believes that maintaining privacy and security over cryptocurrency transactions and the ease of use of stablecoins will accelerate the adoption of its wallet technology, particularly among digital natives and traders who can take advantage of the wallet’s lower fees and capabilities. UniPass is a market-unique solution because it does not require the same expertise as other wallets, such as recalling the long seed to recover wallets.
UniPass wallet primarily focuses on the Philippines market for its initial app launch and testing phase to capitalize on the region’s high crypto adoption rate. The company said it would expand its operations into Southeast Asia, including Vietnam, Malaysia, and Indonesia.