Singapore-based Account Labs launched the UniPass Wallet in the Philippines last October 12.
Leveraging on account abstraction, the UniPass Wallet enables users to set up and log into a self-custody crypto wallet by simply using a Google account and top up using any Mastercard or Visa card for a seamless and hassle-free finance user experience.
To provide Filipino freelancers a seamless experience when managing their finances, UniPass Wallet will enable its users to receive remittances from anywhere in the world instantly and at a more affordable rate. This will also allow them to cash out international remittances much faster.
First to launch in the Philippines in Southeast Asia, UniPass Wallet will soon land in neighboring SEA countries including Vietnam, Malaysia, and Indonesia.
“We acknowledge real-life, everyday challenges users face when doing P2P transfers, especially in emerging markets where international remittances are slow and expensive. UniPass Wallet is offering solutions to address these through convenience and stability,” said Lixin Liu, CEO of Account Labs.
“Expanding financial access and inclusion has been the goal of cryptocurrencies since day one, and account abstraction is critical to achieving that goal,” Liu added.
UniPass wallet is easy-to-use, cheap, instant, caters cross-border, P2P, self-custody transactions.
“As we expand our services to the consumer side, we are 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,” said Frank Lou, COO of Account Labs.
To date, UniPass has driven the growth of gaming trend GameFi adoption in Asia through its B2B wallet solutions. Crossing to the consumer side, the new UniPass wallet app will extend Web3 opportunities to new users, allowing them to easily access streamlined and cheaper transaction services within the crypto finance network.
A smart contract wallet, UniPass users can simply use their Google account to set up and log into their Web3 wallet, even with zero prior knowledge. This completely eliminates the required complex 12-word seed phrases upon signing in.
Users can easily reload their UniPass wallets with Mastercard or Visa cards, or other digital wallets like GCash or Maya.
Additionally, UniPass users can directly send stablecoins to other wallets, without the need to move assets across different exchanges.
UniPass wallet offers ultra-low transaction fees. For as low as $0.01 to $0.02 or approximately 0.5 to 1 PHP, users can save more and avail of reimbursements from three transfers each day, made possible by being able to pay transaction fees in stablecoins on smart contract wallets.
As a P2P platform, no extra fees from intermediaries are being charged that can slow down the process. With the power of blockchain offered by UniPass wallet, stablecoin transactions can be settled within seconds.
This significantly improves cross-border transactions, offering a major upgrade for gig workers in emerging markets. UniPass, a self-custody wallet, lets users gain full control of their funds in a decentralized and secure environment.
UniPass wallet purpose: financial access and opportunities for all
Account Labs, through UniPass wallet, holds true to the mission of Web3: bridging the digital gap in finance and expanding financial access and opportunities to all.
Account Labs has also recently raised a total of US$7.7M from lead investors Amber Group, MixMarvel DAO Ventures, and Qiming Ventures, among other participants.
This fundraising amount will be utilized to invite more users to the Web3 space and drive the upcoming wave of mass crypto adoption through tech that facilitates peer-to-peer (P2P) stablecoin transfers.
More consumers have begun exploring crypto finance as the pressures of rising inflation and foreign currency volatility dents the public’s trust in fiat currencies.
This also contributes to the slow response of traditional finance (TradFi) in meeting consumers’ daily financial services needs, especially cross-border transfers from and to emerging markets. While state-level organizations are attempting to address these TradFi bottlenecks, a major gap remains to be plugged.
Amber Group Co-Founder and Chief Technology Officer (CTO) Thomas Zhu lauded Account Labs for playing a vital role in opening Web3 opportunities to the public.
“Their work in account abstraction will play a key role in opening the doors to the mainstream, and bringing transactions into the modern era”, said Thomas Zhu.
Amber Group is a leading digital asset company operating around the clock and around the globe.
Crucial role of account abstraction and stablecoins to Web3 mass adoption
With account abstraction, developers can navigate their own digital wallets and choose the direction they want to head to, optimizing productivity, through smart contracts.
This removes operational layers that may disrupt cross-chain transactions and other systematic
bottlenecks that the average user cannot or does not want to think about, allowing users to enjoy hassle-free transactions.
UniPass wallet is launching on Polygon. Initially offered on Android during the launch, UniPass will be available on iOS soon, to be followed by expansion in using Apple ID and other social media upon log in.
Account abstraction has consistently remained to be a hot topic in Web3 discourses, especially after it was labeled “a big deal” and “really elegant” by Ethereum Co-founder Vitalik Buterin.
