Account Labs Secures $7.7 Million Funding for Innovative Crypto Wallet with Google Integration

Singapore-based Account Labs Secures $7.7 Million Funding Round

Singapore-based wallet provider Account Labs has announced a successful $7.7 million funding round led by investors including Amber Group, MixMarvel DAO Ventures, and Qiming Ventures. The funding coincides with the launch of UniPass Wallet, a self-custody wallet focused on peer-to-peer stablecoin transfers. UniPass Wallet will utilize account abstraction to enhance user experience.

Account Abstraction: The Future of Crypto Wallets

Account abstraction, also known as “smart wallets,” allows for the integration of smart contracts into wallets. This technology enables developers to program additional functionalities such as scheduled token transfers, transfer permissions, and batched transactions. UniPass Wallet harnesses Ethereum’s account abstraction technology to provide these advanced features.

Google Login and ‘Gasless’ Transactions

UniPass Wallet goes beyond traditional Web3 wallets by offering new users the ability to create wallets through Google logins. Additionally, UniPass Wallet supports top-ups with Mastercard and Visa cards or Apple Pay. The integration of account abstraction also allows for “gasless” transactions. Users can pay transaction fees in stablecoins like USDC or USDT, reducing costs to as low as $0.01 to $0.02 per transaction.

Streamlining Transactions with Intent-Centric Payment

UniPass Wallet simplifies complex transaction processes by bundling multiple steps into a single click for users. For example, if the sender has USDC but the receiver prefers USDT, UniPass Wallet combines the authorization of a decentralized exchange protocol, swapping between USDC and USDT, and sending the USDT into one seamless transaction. This approach is referred to as “Intent-Centric Payment.”

Expansion Plans in Southeast Asia

Recognizing the high adoption rates of cryptocurrency in Southeast Asia, Account Labs will focus on launching and testing the UniPass Wallet in the Philippines. The company also has plans to expand into other countries in the region, including Vietnam, Malaysia, and Indonesia. Built on Polygon, UniPass Wallet is initially available for Android devices and does not require KYC verification. Account Labs intends to support iOS devices and integrate Apple ID and other social media logins in the future.

Hot Take: Account Labs Revolutionizes Crypto Wallets with UniPass

Account Labs’ $7.7 million funding round marks a significant milestone for the company and highlights the growing demand for user-friendly crypto wallets. By leveraging account abstraction technology, UniPass Wallet introduces advanced features like scheduled token transfers and transfer permissions. The integration of Google login and “gasless” transactions further simplifies the user experience. With plans for expansion in Southeast Asia, Account Labs aims to tap into the region’s thriving crypto market. UniPass Wallet’s intuitive design and intent-centric payment approach position it as a promising contender in the competitive crypto wallet space.