Singapore-based wallet provider Account Labs has recently announced a substantial funding round worth $7.7 million, with participation from various investors, including Amber Group, Mix Marvel DAO Ventures, and Qiming Ventures.
The significant development here is the launch of the UniPass Wallet application, a new cryptocurrency wallet that focuses on facilitating peer-to-peer (P2P) transfers of stablecoins, which are digital currencies with a stable value. This wallet also incorporates the feature of abstracting user accounts to enhance the user experience.
So, what does abstracting user accounts mean? Instead of using complex strings of characters to access your wallet, UniPass enables users to log in through their Google accounts. This simplifies the process and reduces barriers for users who are new to the world of cryptocurrencies (Web3).
Furthermore, the abstracting user accounts feature helps UniPass reduce transaction fees. Instead of having to pay gas fees in the native blockchain token, users can simply use stablecoins like USDC or USDT for payments. This significantly lowers transaction costs, ranging from $0.01 to $0.02 USD per transaction.
Account Labs also plans to expand the UniPass wallet to Southeast Asian markets, starting with the Philippines, followed by Vietnam, Malaysia, and Indonesia. This is noteworthy because the adoption of cryptocurrencies has been on the rise in this region.
The UniPass wallet is built on the Polygon platform and initially targeted Android devices but is now available for users worldwide without the need for Know Your Customer (KYC) verification.
Account Labs also has plans to expand the UniPass wallet to iOS devices and integrate it with Apple ID, as well as other social media login options. This makes it easier for users to access the world of cryptocurrencies.