We are thrilled to announce that Singapore-based wallet provider, Account Labs, has successfully raised $7.7 million in a recent funding round. The investment was led by prominent investors, including Amber Group, MixMarvel DAO Ventures, and Qiming Ventures. This strategic funding coincides with the launch of Account Labs’ innovative consumer-centric application, UniPass Wallet. With a strong focus on peer-to-peer (P2P) stablecoin transfers, UniPass Wallet introduces groundbreaking features that enhance user experience and accessibility.
Introducing UniPass Wallet: Redefining Self-Custody and User-Friendly Functionality
UniPass Wallet stands out as a self-custody wallet that leverages account abstraction, commonly known as “smart wallets,” to offer users a comprehensive range of features comparable to traditional online banking services. By integrating account abstraction technology, UniPass Wallet combines the benefits of smart contracts and Ethereum’s flexibility, enabling developers to program additional functionalities into the wallet.
Simplified Onboarding and Logins
Unlike most Web3 wallets that require complex 12-word seed phrases, UniPass Wallet streamlines the onboarding process by allowing users to set up and log into a fully self-custody wallet using their Google account. This user-friendly approach significantly lowers the barrier to entry and appeals to individuals who may not be familiar with Web3 technologies.
Gasless Transactions and Cost Efficiency
Account abstraction empowers UniPass Wallet to facilitate “gasless” transactions, a groundbreaking feature that simplifies cryptocurrency transfers and reduces costs. Traditionally, users would need to pay gas fees in the native token of the blockchain used for transactions. However, with UniPass Wallet, users can pay in stablecoins such as USDC or USDT, drastically reducing transaction costs to as low as $0.01 to $0.02 per transaction.
Seamless Token Swapping and Intent-Centric Payments
UniPass Wallet’s account abstraction functionality enables seamless token swapping within a single click. Previously, users had to navigate multiple transactions involving decentralized exchanges (DEXs) and token swaps to fulfill specific recipient preferences. With UniPass Wallet’s “Intent-Centric Payment” approach, users can effortlessly combine authorization, token swapping, and sending transactions into a single action, eliminating the need for users to comprehend the underlying operations.
Expanding Crypto Adoption in Southeast Asia and Beyond
Recognizing the growing crypto adoption rates in Southeast Asia, Account Labs plans to focus the initial launch and testing phase of UniPass Wallet in the Philippines. This strategic move will pave the way for further expansion across the region, including Vietnam, Malaysia, and Indonesia. By capitalizing on the vibrant crypto landscape in Southeast Asia, Account Labs aims to bring the benefits of UniPass Wallet to a wide range of users.
Future Developments and Global Accessibility
Account Labs has ambitious plans to enhance UniPass Wallet’s accessibility and functionality. The company intends to expand support to iOS devices, enabling a broader user base to experience the seamless self-custody capabilities of UniPass. Additionally, Account Labs aims to incorporate Apple ID and other social media logins, further simplifying the user experience and attracting users from diverse platforms.
Conclusion
Account Labs’ successful funding round and the launch of UniPass Wallet mark a significant milestone in the evolution of self-custody wallets and peer-to-peer stablecoin transfers. By leveraging account abstraction and introducing groundbreaking features, Account Labs is revolutionizing the way users interact with digital assets. UniPass Wallet’s user-friendly design, gasless transactions, and intent-centric payments redefine accessibility and cost-efficiency in the crypto space. With further expansion plans in Southeast Asia and a commitment to continuous innovation, Account Labs is poised to shape the future of self-custody wallets and drive widespread crypto adoption.
Notice
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