Account Labs, the Singapore-based Web3 wallet solution provider, has on Thursday announced it has raised $7.7 million from lead investors Amber Group, MixMarvel DAO Ventures, and Qiming Ventures, among other participants.

The announcement comes alongside the launch of the firm’s first consumer-focused app, UniPass wallet, on Polygon, Account Labs said in a statement.

According to the statement, the UniPass wallet app leverages account abstraction to enable users to set up and log in to a self-custody Web3 wallet with only a Google account, and top up with any Mastercard or Visa card, for a truly seamless and frictionless crypto finance user experience.

Account Labs was founded in 2023 from the merger of Keystone (founded 2018) and UniPass (2021), to provide Web3 Account Abstraction solutions.

Starting with the launch of the UniPass wallet app, Account Labs is utilizing the fundraising to drive the upcoming wave of mass crypto adoption through peer-to-peer (P2P) stablecoin transfers.

Leveraging the existing high adoption rates in the region, UniPass wallet is focusing its app launch and testing phase in the Philippines, before quickly expanding to the wider Southeast Asia region, including Vietnam, Malaysia and Indonesia.

“Due to the wallet’s ease of use and the eponymous stability of stablecoins, UniPass is addressing the real-life everyday use case of P2P transfers, especially in emerging markets where cross-border remittances are slow and expensive,

“Expanding financial access and inclusion has been the goal of cryptocurrencies since day one, and account abstraction is critical to achieving that goal,” said Lixin Liu, Chief Executive Officer of Account Labs.

Account Labs Chief Operating Officer Frank Lou said that as the firm expands its services to the consumer side, it is proud to offer a state-of-the-art user experience that makes running a Web3 wallet as easy as managing an email account.

“This is what makes UniPass wallet a game changer for Web3 adoption,” he added.

Meanwhile, Amber Group Co-Founder and Chief Technology Officer Thomas Zhu said that the firm sees Account Labs as a vital partner in building the future of digital assets, as their solutions bring them closer than ever to truly enabling Web3 mass adoption.

“Their work in account abstraction will play a key role in opening the doors to the mainstream, and bringing transactions into the modern era,” he added.

According to the statement, UniPass has also recently received a grant for its work on developing account abstraction from the Ethereum Foundation.

“We’re thrilled to support the UniPass team in the Ethereum Foundation’s recent Account Abstraction grant round, as they will help onboard the next 1 billion users to Ethereum with innovative UX that leverages the possibilities of ERC-4337,” said Tom Teman, Product Manager at Ethereum Foundation.

In addition to account abstraction, Account Labs believes that stablecoins are another key to unlocking crypto mass adoption.

By removing the speculative trading aspect, it said fiat-backed stablecoins are easier for non-web3-natives to grasp, and to trust.

It is noted that UniPass wallet will launch on Polygon, and will be available on Android on launch, with iOS support set to follow soon, as well as future plans to expand to Apple ID and other social media logins.

Polygon Network Co-Founder Sandeep Nailwal, on the other hand, said that Payments are still one of the untapped segments of Web3.

“It’s bizarre that the industry which started on the promise of global payments still doesn’t have successful payment apps. UniPass’ wallet looks to be a great attempt at the payments use case,

“With Polygon’s vast global community of developers, builders, and users, and UniPass’ advances in account abstraction, they have a potential to bring crypto finance innovation to the mainstream audience,” he added.

Singapore’s Grab adds Web3 services to its super app – report