Singapore-based Account Labs announced today the launch of their UniPass Wallet in the Philippines, a move they say will revolutionize the way Filipino freelancers manage their finances. The wallet, which utilizes account abstraction, allows users to easily set up and access a self-custody crypto wallet using just a Google account. Moreover, it offers the convenience of topping up with Mastercard or Visa cards.
Account abstraction has been a significant topic in Web3 discussions, gaining attention especially after Ethereum Co-founder, Vitalik Buterin, praised its “elegance” and potential. In essence, account abstraction simplifies the user experience by removing technical barriers, enabling smoother transactions, especially for those unfamiliar with the intricacies of blockchain.
Thomas Zhu, co-founder and CTO of Account Labs investor Amber Group, commended Account Labs for their pioneering efforts in making Web3 more accessible. “He emphasized the transformative role of account abstraction in modernizing transactions and paving the way for mainstream 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 said.
One of the standout features of UniPass Wallet is its ability to facilitate instant and cost-effective international remittances. This is particularly beneficial for the Philippines, where many rely on overseas remittances, which are often slow and come with high fees. Lixin Liu, CEO of Account Labs, highlighted the wallet’s aim to address these challenges, emphasizing the foundational goal of cryptocurrencies to expand financial access, with account abstraction playing a pivotal role.
Making crypto wallets as simple as managing your email
Frank Lou, COO of Account Labs, expressed pride in the user-friendly nature of UniPass, likening its ease to managing an email account. He believes this simplicity is key to driving Web3 adoption.
Another compelling feature UniPass boasts is the ability to provide fully on-chain recovery mechanisms. This means users can connect any of their widely used accounts like email, Google, and Apple to recover their wallets in case they lose access to it. For better security, users can always add more guardians for social recovery of wallet when their own account is lost.
UniPass has previously contributed to the rise of GameFi in Asia through its B2B solutions. The new consumer-focused wallet aims to broaden Web3 opportunities, offering users a streamlined and cost-effective crypto finance experience. Notably, users can bypass the often daunting 12-word seed phrases, simply using their Google account for access. The wallet also supports easy top-ups via digital wallets like GCash and Maya and offers the advantage of sending stablecoins directly to other wallets.
A significant benefit of the UniPass wallet is its ultra-low transaction fees, with costs as low as $0.01 to $0.02 or approximately 0.5 to 1 PHP. This, combined with the speed and efficiency of blockchain, makes cross-border transactions more efficient, especially for gig workers in emerging markets.
Account Labs remains committed to the core mission of Web3, aiming to bridge the digital finance gap and extend financial opportunities to all. Their recent fundraising of US$7.7M, with Amber Group among the lead investors, will further their goal of expanding the Web3 user base and promoting mass crypto adoption.
In its initial phase, UniPass wallet will be available on Android and will soon be launched on iOS, with plans to expand login options to include Apple ID and other social media platforms.