Singapore, [Date] – Singapore’s innovative wallet provider, Account Labs, has raised $7.7 million in a strategic funding round, with investments from industry leaders including Amber Group, MixMarvel DAO Ventures, and Qiming Ventures. The announcement coincides with the launch of UniPass Wallet, a game-changing self-custody wallet tailored for peer-to-peer (P2P) stablecoin transfers.*
Revolutionizing Crypto Wallets
UniPass Wallet, often referred to as a “smart wallet,” incorporates account abstraction technology, taking crypto wallets to the next level. This innovation allows UniPass to offer features similar to online banking, including scheduled token transfers, transfer permissions, and executing batched transactions.
Lixin Liu, CEO of Account Labs, explained, “Account abstraction develops smart contracts into wallets, enabling developers to program a wide range of functionalities. Unlike traditional self-custody wallets, UniPass leverages Ethereum’s account abstraction technology.”
Google Login, ‘Gasless’ Transactions, and Seamless Integration
Adding a layer of flexibility, UniPass introduces the option for users to create wallets via Google logins, simplifying the onboarding process. The wallet also supports top-ups with Mastercard and Visa cards, or even Apple Pay. Unlike traditional Web3 wallets, UniPass eliminates the need for complex seed phrases, lowering the entry barrier for users unfamiliar with Web3.
UniPass goes further by facilitating “gasless” transactions. Users can now pay fees in stablecoins like USDC or USDT, reducing costs to an unprecedented $0.01 to $0.02 per transaction. The wallet streamlines complex processes, enabling users to initiate multi-step transactions with a single click—an approach dubbed “Intent-Centric Payment” by Lixin Liu, CEO of Account Labs.
Unlocking Smart Wallet Innovation: Account Labs Raises $7.7 Million for UniPass
Simplifying User Experience
UniPass makes crypto more accessible. Users can set up wallets effortlessly using their Google accounts, eliminating the need for complex 12-word seed phrases common in Web3 wallets. This feature significantly lowers barriers to entry for users unfamiliar with Web3 technology.
Gasless Transactions
Account abstraction also introduces “gasless” transactions. Instead of paying gas fees in the native token of a blockchain, UniPass users can opt to pay with stablecoins like USDC or USDT. This innovation reduces transaction costs to as low as $0.01 to $0.02.
Liu highlighted the user-friendly approach: “As Account Abstraction bundles transactions, UniPass simplifies complex processes into a single click, making it ‘Intent-Centric Payment.'”
Expanding Crypto Adoption
Recognizing the growing adoption of crypto in Southeast Asia, Account Labs plans to launch and test UniPass Wallet in the Philippines and expand across Vietnam, Malaysia, and Indonesia. Built on Polygon, this Android wallet is available worldwide without the need for KYC verification. Future plans include iOS support and integration with Apple ID and other social media logins.
Account Labs is poised to change the way the world uses crypto with UniPass Wallet’s innovative features and accessibility.
Future Roadmap: iOS Support and Social Media Integration
Account Labs envisions the future of UniPass with plans for iOS support and integration with Apple ID and other social media logins. The wallet’s innovative features, coupled with strategic funding, position UniPass as a frontrunner in reshaping the landscape of crypto wallets.
