Web3Auth receives $13 million from Sequoia for easy access and operation

Website 3 has been touted as the future of the internet as it allows users to access their data and digital tools, but crypto developers have learned this in the past when coming to new users.

In the current situation, entering the password is unusual and does not need to be continued due to the seed phrase, a block of messages that crypto wallets generate to re-enter. According to the Singapore-based cryptocurrency startup, on a technical level, the word seed caused the loss of almost 20% of the Bitcoin in circulation, which is roughly equivalent to the GDP of Hungary. Web 3 Auto, formerly known as Tori. Users need to keep their passwords in a safe place for a long time, which means that almost any "Forgot your password?" The Internet platform is working. There are also security issues regarding the platform that controls the user's privacy keys.

Web 3 Auth, a non-critical solution for Web 3 applications and wallets, hopes to solve these problems by using the financial resources and resources that key users already have, and provide users with an easy way to manage their keys.

The company's CEO and co-founder, Zhenyu Yang, told TechCrunch, "Users use keys to generate revenue, hold assets, or interact with the blockchain, so managing the security of those keys is crucial. "A carefree wallet can help you manage your keys, whether it's writing simple sentences on paper or being more secure."

Web 3 Auth is powered by Torus Network, an open source, unregulated distribution of key controls. Web3 Auth designed this process to perform Web3 authentication including passwordless authentication, SMS authentication or other OAuth methods such as Google, Twitter, Discord and Reddit, which makes it simple and intuitive for apps and wallets.

Web 3 Auto today announced the closing of its $13 million Series A acquisition of Sequoia Capital India. Union Square Ventures, Multicoin Capital, FTX, Bitcoin.com, Darma Capital, TB, Hybrid, KOSMOS Capital, Kyros Ventures, LD Capital, Mint Labs, P2P Capital, Phoenix Venture Capital, Capital Facility, and YBB Capital participated in the joint venture. no. , Moonwhale Ventures and Dick Trab.

The new investment has grown to $15 million in total since its inception in 2019. It will accelerate the pace of NFTs and application integration in the real estate market, raises the goal of eliminating clutter, decentralizing the blockchain authentication and provide access to all Series A funds. The company also plans to increase its workforce, Young told TechCrunch.

Web3 Auth's authentication infrastructure is designed to make it easier for developers to create access technologies such as a Google and Twitter signature, eliminating the need for users directly affected by weak public-private partners. It is also designed to allow advanced users to connect their own wallet or key management system.

"We created Web 3 Auth to circumvent user interference that has prevented the use of critical cryptocurrencies. We want Web 3 Auth to be accessible to all users, just as we focus on usability." Yang said says, you need a good and friendly understanding, "We agree that some investors around the world appreciate the ease of use and accessibility of cryptocurrencies." We are very grateful for their support and will use it to guide Web 3 into the future. "

By 2021, over 300 apps and wallets will select Web 3 Auth to secure the privacy of over 4 million users. Users are 30 times higher than the same period last year, Yang said.

"Our main users are Web3 wallets and applications. Many popular wallets in the ecosystem, such as Binance Extension, Kepler, Kukai, Skyweaver, and Kash, are powered by Web3Auth. Increase, decrease, and decrease support tickets." In terms of applications, NFT and game applications that use Web3Auth are particularly popular, such as Skyweaver, Rarible MyCryptoHeros, etc.

Young describes the underlying process of Fire Barrier using Multi-Party Computing (MPC) / Threshold Cryptography, similar platforms such as Magic Link that provide critical management across a variety of configurations (e.g. AWS Cloud HSM ) to store user keys. Young says it's commerce-oriented and inward-facing authentication compared to the more outsourced Torus platform. He added that Okta and Auth 0 in the area of ​​Web 2.0 authentication can serve as similar examples.

"We believe that the lack of control in Web 3, which allows users to control their data and their fate, is a good step in rejuvenating users." and Securities Sequoia Capital India is pleased to partner with a group and commodity companies focused on making cryptocurrency more viable by providing long-term solutions at the most basic levels, rather than adding data . We are happy to see you there. "Hong Anandamoy Roy Chaudhry, Chairman of Shan India, said: