Account Labs, a blockchain startup that aims to make crypto wallets more user-friendly and secure, has raised $7.7 million in a seed round led by Polychain Capital and Electric Capital. Other investors include Coinbase Ventures, IDEO CoLab Ventures, Framework Ventures, and DeFi Alliance.
Account Labs Takes a Leap into the Future with New Wallet
The company is developing a new crypto wallet called UniPass, which allows users to access their funds with their Google account, without the need for a seed phrase or private key. Users can also sign transactions with their Google account, making it easier to interact with Web3 applications.
According to Account Labs, UniPass is the first wallet to use account abstraction, a feature that enables smart contracts to act as accounts on Ethereum. This allows users to customize their wallet settings, such as transaction fees, gas limits, and security measures.
Account abstraction also enables more advanced features, such as batched transactions, meta transactions, and social recovery. Account Labs claims that UniPass is not only more convenient but also more secure than traditional crypto wallets.
The company says that UniPass uses Google’s authentication system, which has multiple layers of protection, such as two-factor authentication, biometric verification, and device encryption. Users can also revoke access to their wallet from any device at any time.
Account Labs plans to launch UniPass in the first quarter of 2024, initially supporting Ethereum and ERC-20 tokens. The company also intends to integrate UniPass with other popular Web3 platforms, such as Uniswap, Compound, and Aave.
The UniPass Wallet, developed on the Polygon platform, is initially accessible to Android device users globally, with no requirement for KYC (Know Your Customer) verification. Account Labs has future plans for the UniPass Wallet that include compatibility with iOS devices and expansion to include Apple ID and other social media logins.
The company hopes that UniPass will lower the barriers to entry for crypto adoption and make Web3 more accessible and inclusive for everyone.