Web3Auth Raises $ 13 Million to Facilitate Cryptocurrency and DeFi Adoption

Building the future of the Internet – For the moment, the state of play of Web 3.0 (or Web3) is not yet suitable for the general public, for lack of an intuitive interface or easy-to-use tools. Singaporean startup Web3Auth (formerly known as Torus) aims to make the use of decentralized applications (dApps) accessible to everyone.

$ 13 million for mass adoption of cryptos

Founded in Singapore in April 2018 under the name Torus Labs, the startup Web3Auth wants in particular to solve the current problem of crypto-asset wallets, whose private keys are unfortunately too often lost Where forgotten.

In one communicated release published on the TechCrunch media on January 12, the Web3Auth teams enthusiastically announced that they had successfully raised the sum of $ 13 million for its development.

Led by venture capital firm Sequoia Capital Indiathis financing round of series A also saw many other major cryptosphere players participating. We could in particular mention the presence of the cryptocurrency exchange platform FTX among funders, as well as investment funds such as Union Square Ventures and Multicoin Capitalamong others.

“We believe that the non-custodial nature of Web3, which allows users to control their own data and fate, is a huge step forward in returning power to users. (…). Sequoia Capital India is delighted to partner with a team and a product that strives to make cryptocurrency more accessible (…) ”

Anandamoy Roychowdhary, Director of Sequoia India

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Simplify and secure the use of private keys

The main challenge for Web3Auth is to make access to the wallets and accounts of Web 3.0 users easy and easier to manage. Passphrases of 12 or 24 words (or long alphanumeric keys) are not easy to use, and should not be lost.

It is all the more complicated in today’s Internet where the ” Forgot your password “ makes a possible oversight not very serious. This is where Web3Auth comes in:

“We designed Web3Auth to work around the user interface hurdles that are holding back crypto adoption by the general public. True to our concern for accessibility, we wanted Web3Auth to meet users where they are. Intuitive and familiar login flows are necessary if we are to bring the next wave of mainstream users into crypto (…) We are encouraged that some of the best investors in the world are taking a keen interest in ease of trading. use and accessibility of cryptocurrencies. (…) “

Zhen Yu Young, CEO and co-founder of Web3Auth

With authentication by SMS, or via personal accounts like Google or Twitter, Web3Auth wants to make the use of Web3 and its dApps as easy as via the current Internet. And they are doing well because, whether on Ethereum (ETH) or in general, the developers of Web3 are now making great strides.

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