Account Labs
Seedless Web3 smart wallets using Google accounts.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $7.7m | Seed | |
| Total Funding | 000k | ||
Account Labs is a Singapore-based Web3 company formed in May 2023 through the merger of hardware wallet developer Keystone and software wallet developer UniPass. The company aims to simplify Web3 adoption by addressing security and usability challenges with account abstraction. The executive team includes CEO Lixin Liu, COO Frank Lou, CTO Aaron Chen, and Chief Scientist Johnz Zhang. In October 2023, Account Labs secured $7.7 million in a Pre-Series A funding round co-led by Amber Group, MixMarvel DAO Ventures, and Qiming Ventures.
The company's primary consumer product is the UniPass Wallet, a self-custody smart contract wallet that allows users to create and access their wallet using a Google account, eliminating the need for complex seed phrases. This is achieved through account abstraction technology, which programs smart contracts directly into wallets. UniPass enables peer-to-peer stablecoin transfers, crypto top-ups using credit cards or services like Apple Pay, and supports "gasless" transactions where fees can be paid in stablecoins. The wallet launched on the Polygon network to leverage its low transaction fees. Security features include an email-based social recovery solution and the ability to set guardians to help regain access to a compromised account. The solution is non-custodial, meaning users retain full control of their funds, and does not require KYC procedures.
Account Labs also produces the Keystone hardware wallet, which uses QR codes for air-gapped transaction signing to keep private keys offline. The company's business strategy focuses on user growth, initially targeting the Philippines and other Southeast Asian markets for remittances and payments, with a vision to compete with traditional payment services like PayPal and Wise. While currently not taking commissions on transactions, future monetization may involve asking users to watch ads for free transfers.
Keywords: account abstraction, smart contract wallet, Web3 wallet, self-custody, seedless wallet, Google login, hardware wallet, Keystone, UniPass, crypto payments, stablecoin transfers, social recovery, gasless transactions, Polygon network, decentralized finance, crypto adoption, peer-to-peer payments, digital assets, blockchain security, non-custodial wallet
