The recent downfall of FTX, a significant player in the crypto realm, has reverberated throughout the industry, highlighting not only market fluctuations but also the critical importance of self-custodial wallets and the risks associated with centralized control over crypto assets. In response to these revelations, Account Labs, an emerging force in the crypto space, has just unveiled a substantial funding round amounting to $7.7 million. This investment stands as evidence of the escalating demand for secure self-custodial wallet solutions within the crypto landscape.
About The Company – Account Labs Born from the fusion of Keystone Account Labs, a hardware wallet provider boasting 40,000 users, and UniPass, a wallet builder focused on account abstraction, Account Labs leads the charge in wallet consolidation. The company is committed to empowering users with complete control over their digital assets and delivering a user-friendly experience. Their innovative self-custodial wallet, UniPass, seeks to fulfill this commitment and revolutionize the management of crypto assets.
The $7.7 Million Funding Account Labs recently secured $7.7 million in Series Pre-A funding, spearheaded by notable figures in both the web3 and traditional internet tech sectors, including Amber Group, MixMarvel DAO Ventures, and Qiming Ventures. This infusion of funds will fuel the launch of UniPass, a consumer-oriented self-custodial wallet designed to simplify the secure management of digital assets for individuals.
Cross-Border Payments Amidst regulatory actions against crypto giants like FTX and Coinbase, Account Labs is strategically showcasing the real-world utility of blockchain technology in areas with untapped potential. UniPass, built on the Polygon blockchain network, aims to facilitate fast and cost-effective cross-border payments, starting with Filipino freelance workers.
Traditional remittance channels in the Philippines are notorious for their slowness, high costs, and bureaucratic hurdles. UniPass introduces a revolutionary solution by enabling instant transfers of funds, especially stablecoins, to user wallets. To facilitate this, the company has partnered with a government-approved third-party vendor to convert crypto into fiat, which can then be deposited into the popular domestic e-wallet, GCash. This innovative approach significantly reduces transaction and forex fees to approximately 1%, a notable contrast to the 8-10% associated with platforms like PayPal.
While UniPass currently operates without transaction commissions, the primary focus is on user expansion. Potential future monetization avenues may include offering users the option to watch ads in exchange for free transfers. The overarching objective is to challenge the hegemony of traditional web2 payment platforms such as PayPal, Wise, and Stripe.
