Web3Auth raises $13m to drive mass adoption of Web3 apps
The start-up will use the new capital to build out its authentication infrastructure
Authentication infrastructure start-up Web3Auth, formerly known as Torus, has secured $13m (£9.5m) in Series A funding to accelerate its expansion into the decentralised gaming and NFT world, and to build out its social applications.
The round was led by Sequoia Capital India with participation from Union Square Ventures, Multicoin Capital, FTX, Decentralab and Bitcoin.com, among other notable investors.
The funding brings the Singapore-based company’s total financing to $15m, after it previously raised $2m in a seed funding round.
Simplifying Web3 authentication
The start-up, which aims to make digital ownership and identity accessible for everyone, is powered by the Torus Network and aims to make the Web3 authentication process – including password-less authorisation, SMS authorisation, or other open authorisation (OAuth) methods such as Google, Twitter, Discord or Reddit – simple and intuitive to use.
The fresh capital will be used to advance Web3Auth’s vision of making blockchain platforms universally accessible, and fuel new partnerships with firms that could benefit from using Web3Auth in their core flows to help with crypto onboarding and boost conversion rates.
“We designed Web3Auth to bypass the UX obstacles holding back mainstream crypto adoption. Intuitive and familiar log-in flows are needed if we want to onboard the next wave of mainstream users into crypto,” said Zhen Yu Yong, co-founder and CEO of Web3Auth.
Anandamoy Roychowdhary, principal at Sequoia India, added: “We think that the non-custodial nature of Web3, which allows users to control their own data and destiny, is a huge step forward in bringing power back to the users.
“This makes the data more portable and safer while continuing to enable existing log-in product features, giving users the best of both worlds. Accelerating crypto’s mainstream adoption won’t happen as easily without straightforward solutions like Web3Auth.”
